Debt and repayment
3 years ago
My fiancé's father had a business in Thrissur, Kerala. 3 years ago he suffered major losses and was arrested for non payment of loans. The court seized their land and property and now he has filed for insolvency. His insolvency application is accepted and therefore the court case against him has been stayed. He still has an unpaid loan amounting to 6 crore rupees from various local moneylenders. My fiancé is not a signitary to any loan and he was not a part of the business. Currently he is a salaried professional and he does not plan to repay his father's debt. After marriage we plan to move abroad. Will he or us have be liable to repay his father's debt in the future?
Ayantika Mondal @ Prime Legal
Responded 3 years ago
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
Son is not liable to pay father’s debt.
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Under the Provincial Insolvency Act 1920
Repayment of loans and credit cards
Multiple unsecured loan defaults
Unfreeze
For bank loan
