Urgent help required : insolvency and cheque bounce case

Guest (Querist) 05 January 2018 This query is : Resolved
DEAR SIR
MY FATHER WAS RUNNING A BUSINESS FOR MANY YEARS AND HAD ALSO TAKEN LOANS FROM VARIOUS PEOPLE MOSTLY IN CASH IN LAKHS OF RUPEES WHICH WAS THEIR BLACK MONEY THEY INVESTED AT INTEREST AND HE HAD ISSUED THEM CHEQUES UNDATED AS SECURITY AND THESE CREDITORS ARE NO WHERE RECORDED IN BOOKS OF ACCOUNTS....NOW WE HAVE SUFFERED HUGE LOSSES SOLD ALL OUR PROPERTY TO CLEAR BANK LOANS AND A FEW CREDITORS...AND DONT HAVE MONEY TO REPAY ALL THE CREDITORS ....NOW HOW CAN WE PROTECT OURSELF AS THEY HAVE CHEQUES WITH THEM.... CAN WE FILE AN INSOLVENCY PETITION....
PLEASE HELP

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Isaac Gabriel (Expert) 05 January 2018
Better consult Lawyer since the issue needs to be analysed in the baground of each case.Further, you have stated that the amount invested meant for black money.Don't be hurry to file insolvency petition.

Dr J C Vashista (Expert) 06 January 2018
Whether any or some one has asked/demanded cheque amount after it is dishonoured?
If so, contact, consult and engage a local prudent lawyer to chalk out strategy and tactics to defend the case.
If there has not been any demand approach a good astrologer qua fate of those cheques withheld by the drawee/holder in due course as any legal expert (including myself) can not predict.

Guest (Expert) 06 January 2018
A brainless fabrication of an academic query! How the money was accounted for in the business if no creditors records were maintained an how many cheques issued to the creditors for taking huge loans that too for many years?

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