1. Manoj
  2. Recovery of Money
  3. Tuesday, August 29 2017, 09:13 AM
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I gave 20 Lacs Loan to my Uncle and received promissory note. As I pressurised him to return money or face legal actions, he transferred his property as "gift settlement" to his daughter, giving nothing to his 2 sons.

I filed money recovery suit against him and he received summons.
Now he has applied for insolvency, stating that he is unable to pay his debts and listed me as creditor. He did not list his property.

Daughter may sell and make cash, I'm worried about the property sale by daughter, the bonafide buyer will be protected by Law(section53) because he is
not aware of the debt of father and pending money recovery suit.

What is the best action to take to protect the property?

My lawyer says, daughter did not borrow from me, so I cannot seek injunction restraining daughter from selling her property.

I cannot file "set aside" suit under section 53 of TP act to cancel the fraudulent transfer of property to daughter with intent to defeat or delay the creditor. I can file this suit ONLY after getting decree from money suite. If I file now, it will be rejected. But before getting decree, Daughter may sell and make cash.

I agree with my lawyer if uncle has not filed for insolvency.

Please give your suggestions.
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Accepted Answer
5 Star Consultants Accepted Answer
From your description two very amazing instances have been noticed, such as:

1) You have a recovery case of huge amount of 20 lakhs, but depending upon casual advice; and

2) When you have already filed a case in the court of law and would have hired a lawyer, instead of asking your own lawyer, who has to fight your case, you have preferred to post the problem here just to get a mixed up confusing responses from various lawyers.

From both the instances that makes clear, either you don't have any such problem and have put only an academic question to find solution for that or you are not serious in recovery.

However, if some truth is there in your story and you are serious in pursuit of your case, you may get the case related documents examined in detail from some very experienced professional to have proper guidance how to proceed further in the case.

OTHERWISE, forget about the case.
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PS Dhingra Accepted Answer
The query seems to be hypothetical in nature.

Question arises, what was the mode of payment of loan to your uncle, i.e., cash or cheque?
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Please post the property document which has been transferred by your uncle in name of his daughter
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