the objective of giving gift to children was to evade the creditors

2) hence creditors can take out proceedings for attachment of gift received by you and your siblings under Section 53 in The Transfer of Property Act, 1882

1[53. Fraudulent transfer.—

(1) Every transfer of immoveable property made with intent to defeat or delay the creditors of the transferor shall be voidable at the option of any creditor so defeated or delayed. Nothing in this sub-section shall impair the rights of a transferee in good faith and for consideration. Nothing in this sub-section shall affect any law for the time being in force relating to insolvency. A suit instituted by a creditor (which term includes a decree-holder whether he has or has not applied for execution of his decree) to avoid a transfer on the ground that it has been made with intent to defeat or delay the creditors of the transferor shall be instituted on behalf of, or for the benefit of, all the creditors.

you and your siblings can take out legal proceedings to challenge order of attachment made by the banks

1. it is not clear what sort of proceeding the bank ahs adopted in which they are seeking attachments.

2.if it is under SARFAESI Act then surely it cannot attach any proeprty unless in respect of which the loan falling default was taken.

3. In money suit if decree of money is passed then it can attach other proeprty but it must be shown that during the legal proceeding the bank mentioned those properties belonging to your father which he later gifted to you.

4. So if you come clear on these issues then I may advise further.

1. Had your father mortgaged the said personal assets with the lending Bank?

2. If yes, then he can not sell those assets or gift the same to you.

3. In the above event, the Bank is within its right to attach the aid properties.

4. If the said property has not been mortgaged with the Bank, the Bank has no right to attach the same without any Court order.

5. The Bank can fie an original Application (O.A.) before the Debt Recovery Tribunal (DRT) for attaching all your father's properties if the value of the mortgaged property is less than the outstanding amount lying in the name of your father.

6.Only in the above instance, the DRT can attach the non mortgaged properties.

1. You are not clear in your query.

2. Were you also the guarantors of your father's loan?

3. Did you, being guarantors of the said loan of your father, keep the said amount with the said Bank or any other Bank information of which was known to the lending Bank?

4. If you were not the guarantors and in no way connected to the said loan of your father, then the Bank can not attach your said Bank accounts.

Hi

1) It appears that banker's have invoked a personal guarantee of your father.

2) However even assuming that the banker's have invoked the personal guarantee of your father, still banker's cannot attach the properties of the children

a) as the property was an ancestral property and

b) Not mortgaged to the bank and

c) even if attached, only the share of your father on grand father's property is liable to be attached and rest of share's are not liable to be attached.

3) Courts cannot attach personal properties of debtor unless and until the personal properties are specifically mentioned in the court proceedings whilst invoking personal guarantee.

4) You should challenge the attachment order in District/ High court depending on the judgment based on which attachment order was issued.

Hope this information is useful

The banks cannot attach the gift deed i.e., the gift amount that too which is lying in others' name without a court order for recovery through an execution process.

It would be illegal and punishable under criminal law.

The matter can be taken up with the top management of the bank and simultaneously though a court of law.

You can contact a local advocate on further issue.

It was primarily to safeguards childs future and improve the lives. The gift was not immoveable property but sale proceeds recieved as part of the sale of immoveable property.

You have not mentioned that how this managed to attache or recovered.

Whatever, it is illegal and the matter may be taken up to the top level management of the bank, by which if you dont get any relief, you can approach court of law for recovery of the attached amount.