Brother related problem

Rupesh Kr Singh (Querist) 12 October 2017 This query is : Resolved
Sir/Madam,

My own brother is playing game with us. We are in joint family. He has taken near about Rs. 50,00,000/- loan from market/people/bank and not giving reason of taking the loan or where he invested. If simply says he has lost all his money in Commodity Trading and not coming to home.

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Rajendra K Goyal (Expert) 12 October 2017
What family want to do?

Can arrive at amicable settlement with the creditors and pay to end the matter.

If not having enough sources, he may approach law to declare him bankrupt.

Kumar Doab (Expert) 12 October 2017
The creditors can proceed to recover from his estate, guarantors...

Is any family member his guarantor?

krishna mohan (Expert) 15 October 2017
such a large sum they give against the likely stake in the family property. May check the real position and take legal advise if family owns property.

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