Absconding case

maxmoon (Querist) 27 October 2012 This query is : Resolved
dear sirs,
our company was a limited company and we had a CC account with a cooperative bank in mumbai.
we were 3 directors of the company .my father, myself and my younger brother.Our company had a CC limit of Rs 15lacs.This was in year 2006.In the same year my parents expired and i was just 24 and my brother was 21.
Since my father expired,the bank people started insisting me to pay off the amount and close the cc acount as it was not running in the right way according to them.
Out of 15 lacs I paid Rs 6 lacs and balance 9 lacs i was unable to pay as i was broke and had no money.The bank filed a case against me and my brother and started harassing me every now and then.
to avoid these problems I left the city and settled in a new city.
till date my financial situation is bad.I dont know what to do.this guilt is bothering me.I always wanted to compromise and settle but have not enough money to settle the same.I also have and oppurtunity to go abroad and work to earn my living.Will my case issue be an obstacle for me going abroad.
please advise.

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ajay sethi (Expert) 27 October 2012
what are the assets of the compnay? have you as director given any personal guarantee?

rs 9 lakhs outstanding in 2006 must have become a substantial sum now . you ahve to amke discreet inquries find out whether any case has been filed by the bank whether any orders passed against the company and its directors .

the company has limited liablity and its assets are not sufficent atmost it can be wound up . but if you have given ersonal guarantee you would be liable as guarantor .

Devajyoti Barman (Expert) 27 October 2012
You did not mention what was the nature of the case and what was the status when you left the city.

I do not think there is any restraint on you to go abroad and earn to pay off the debt unless some criminal cases with grave charges is pending against you.
Do engage an advocate and search to know ether any such case with restrain on foreign travel is pending against you pr not.

Raj Kumar Makkad (Expert) 29 October 2012
I have also similar opinion as of both experts.

V R SHROFF (Expert) 29 October 2012
Agrees with experts

Guest (Expert) 29 October 2012
Agree with experts.

maxmoon (Querist) 04 April 2013
but sir,do you think there can be a restriction for me at immigration for going abroad?

Raj Kumar Makkad (Expert) 04 April 2013
If no restriction order has been passed by the concerned court then you shall not face any problem.

maxmoon (Querist) 25 April 2013
sir,if i wish to settle this case,at what amount you think this can be settled at the lower side?

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