Banking matters

SHRIPAL PANDEY (Querist) 23 December 2012 This query is : Resolved
My friend's business failed and there is 15 lakh bank liability, case is in DRT and he can't pay back bank loan, can he be declare Bankrupt ? What is proceeding ?

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R.K Nanda (Expert) 23 December 2012
yes, he will have to file insolvency petition in court.

V R SHROFF (Expert) 23 December 2012
Your frd took away 15L of public money. He need to spend few to do needful. So consult local Adv.
His guarantors will be pulled up by bank

Raj Kumar Makkad (Expert) 31 December 2012
I do endorse theh views of Shroff.

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