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HOW TO SAFEGUARD HUF PROPERTY FROM ATTACHMENT?
1 year ago
Sir, I am a guarantor for my friend in an individual capacity who is the principal borrower in a cooperative bank. No collateral security has been given from my end. The principal borrower is a defaulter and doesn’t have assets to repay the loan. I have formed HUF for which I am Karta. To recover the loan of the principal borrower could the bank attach My HUF Bank account and HUF property which was gifted by my brother to My HUF ?
A.Dear Sir,
Unless your property is mortgaged it cannot be attached or sold in public auction. Anyhow you are advised to approach Debt Recovery Tribunal and get a stay order against such Bank.
Unless your property is mortgaged it cannot be attached or sold in public auction. Anyhow you are advised to approach Debt Recovery Tribunal and get a stay order against such Bank.
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A.Dear Client,
It is advisable to consult a bankruptcy expert in this query. You can also call the number provided on the website. Thank you.
It is advisable to consult a bankruptcy expert in this query. You can also call the number provided on the website. Thank you.
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