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Chittala Rao   19 February 2019

How do I get a IP as I unable to pay my debits, and I am jobless now, once I get a job will settle till then need some security

how do I get a IP as I unable to pay my debits, and I am jobless now, once I get a job will settle till then need some security



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 8 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     19 February 2019

What security do you want? state full facts.

Chittala Rao   19 February 2019

pressure from debitors forcing and threning to kill. I have,a debit of 10lacs

Chittala Rao   20 February 2019

hi any advise s

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     20 February 2019

Merely filing Insolvency Petition shall not protect you from Goons and Rowdies employed by your Creditors. It only gives you legal protection in that all your Creditors can proceed against your existing assets and share the value of such assets through Court and share the same in the proportion as stated by Court. You chsll left with no assets at all.  Insolvency Petition is not an injunction order which extends repayment of your debts. It only adjusts all your assets to your Creditors to the extent possible.

G.L.N. Prasad (Retired employee.)     20 February 2019

Before heeding to those advises received for filing of IP, consider pros and cons from an advocate, as your future becomes bleak as you may not raise any finance.  If the borrowers are pressuring you for repayment, or advanced you some amount, they might have seen such financial background of your family.  Transferring assets before and after such IP is an offense.  To protect yourself from a legitimate borrowing, do not be trapped into more dangerous situations and consider the future of your family also..

Chittala Rao   20 February 2019

I don't have any assets, merely suffering providing sufficient food even for family. not even house hold articles like sitting chairs aparr from a tv

Chittala Rao   20 February 2019

selling street food as of.now,

G.L.N. Prasad (Retired employee.)     20 February 2019

Then approach to Legal Services Authority against those borrowers and restrain them to take legal action without such physical threats and they may even interfere in filing police complaint against those lenders who is threatening you with such physical harm.  You can also file grievance petition and personally handover such petition to Supdt of Police and can bring a bind over from them.


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