Creditor's insolvency petition
Respected Sir/Madam,
I have purchased a house from two brothers by raising LICHFL loan. The first owner felt that they sold the house for less consideration and giving trouble by asking extra money. Before I purchased the house there was a pending suit of first owner for recovery of Rs 15,000/- loan amount which I don't know. Before three months i.e on 85th day I have received a Creditor's Insolvency notice stating that my house sale transaction is null and void as the first owner has indebted of Rs 5,00,000/- The second owner has no debts. The two owner are not contesting the case. I only contesting the case. I am paying the loan installments regularly.
Is my sale transaction is null and void?
They didn't add the LICHFL as a party. Is the LICHFL necessary party in my case?
Are there any judgements which help my case?
Kindly help me Sir/Madam.
Thanking you very much.
yours truly,
Prakash.
Asked 8 years ago in Property Law
Religion: Hindu
Respected Sir/Madam,
My brother has given Rs 10,00,000/- on loan basis to a woman who is working as Sr. Asst. in a Govt office. He paid the amount through cheque and money transfer from his bank account to her bank account since four years. He obtained two promissory notes worth of Rs 5,00,000/- each on his name in the month of April, 2015. He is also a Govt. employee. He has not show his loan transactions in his income tax returns as he paid since four years. Now she says that I can't pay any debt. Can my brother approach the court? He didn't show his payments in his tax returns. Does the returns give trouble to him? He paid total amount through cheque of transfered from his bank account to her bank account. Does this helpful or trouble to him?
Please answer Sir/Madam.
yours truly,
VIJAYPRAKASH.
Asked 8 years ago
Respected Sir/Madam,
My brother has given Rs 10,00,000/- on loan basis to a woman who is working as Sr. Asst. in a Govt office. He paid the amount through cheque and money transfer from his bank account to her bank account since four years. He obtained two promissory notes worth of Rs 5,00,000/- each on his name in the month of April, 2015. He is also a Govt. employee. He has not show his loan transactions in his income tax returns as he paid since four years. Now she says that I can't pay any debt. Can my brother approach the court? He didn't show his payments in his tax returns. Does the returns give trouble to him? He paid total amount through cheque of transfered from his bank account to her bank account. Does this helpful or trouble to him?
Please answer Sir/Madam.
yours truly,
VIJAYPRAKASH.
Asked 8 years ago
Sir,
If I transfer the house property to my son or to my daughter or sell to another party will it helpful to me? LICHFL gave loan to me with equitable mortgage. so why LICHFL is not a necessary party in my case?
Asked 8 years ago