Credit Card & Personal Loan - Reg

This query is : Resolved 

03 June 2009

Dear Sirs, I have taken Personal loan and credit card loans from various banks for starting of Aqua culture business. But now I am not in a position to repay this amount since I have lost all my money in the Aqua culture. Intially i have managed by getting new loans to pay my loans. slowly increased my loan amount one by one because of paying my monthly dues. Now my total emi comes around Rs.80000, Now I am finding very difficult pay my dues. I have informed my bankers about my critical situation and they are not coming for counseling / considering my case. No assets for my family. Now no more ways for paying my dues. But I wanted to be genuine to the bankers. Kindly guide me what should I do for managing my situation.

A V Vishal (Expert)
03 June 2009

Dear Manikandan

Advise you to file for Insolvency

adv. rajeev ( rajoo ) (Expert)
03 June 2009

When you have lost everything in the business you have to go for Insolvancy petition.
To file insovancy case you should not have any properties.

Y V Vishweshwar Rao (Expert)
04 June 2009

Business Loss - Dues payable to Bank/s - No Properties & Assets.
1- You can file IP
2- You can wait till the Bank/s file suit/s against you for recovery of dues .

manikandan (Querist)
04 June 2009

Dear Experts, thank you very much for your valuable guidance. Can you please explain me about Insolvency petition and how to proceed.


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