Inability to payment of debts

nitin gatagat (Querist) 21 July 2013 This query is : Resolved
dear sir
my friend is running bussiness ... meanwhile having dispute witha parteship firm arises,,,dispute setteled by arbitrater... arbitrater descision come agaginst and he has to do payment of rs.40 lakhs.. but he is not able to pay debts due to losses in buissness,,, what to suggest him ... he is not having paying capacity currently

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prabhakar singh (Expert) 21 July 2013
It would be paid out of properties he owns.

nitin gatagat (Querist) 21 July 2013
He is not having any property...only upto 5 laks

Rajendra K Goyal (Expert) 21 July 2013
Should apply for insolvency if he is having no means to pay the debts and want to get out of it.

nitin gatagat (Querist) 21 July 2013
It is possible to declare insolvancy after descision of arbitrater

R.K Nanda (Expert) 21 July 2013
consult local lawyer.

V R SHROFF (Expert) 21 July 2013
"nITIN,

INSOLVENCY IS PROPER SOLUTION.

Dr. Jyothi Vishwanath (Expert) 21 July 2013
You can resort to insolvency at any time.

V R SHROFF (Expert) 01 October 2013
"nITIN,

"YOU"
dear sir
my friend is running bussiness ... meanwhile having dispute with a partnership firm arises,,,dispute settled by arbitrater... arbitrater descision come agaginst and he has to do payment of rs.40 lakhs.. but he is not able to pay debts due to losses in buissness,,, what to suggest him ... he is not having paying capacity currently :"

SO NOW YOUR FRIEND LOST LAPTOP????

Sudhir Kumar, Advocate (Expert) 06 October 2013
how is your incapacity to pay debts related to loss of laptop?

Are you so heavily indebted that without data lost with the laptop you do not know how much to be paid to whom?

Are your dues really more than assets?

whether all the dues are legal and documented?

Sudhir Kumar, Advocate (Expert) 06 October 2013
connect

http://www.lawyersclubindia.com/experts/insolvancy-426221.asp#.UlGQ0VPQyVE

Sudhir Kumar, Advocate (Expert) 06 October 2013
repeated query is no substitute of hiding facts. Come clear with facts as suggested by Mr Shorff.

Rajendra K Goyal (Expert) 07 October 2013
Coming clear with actual position would fetch better and helpful advise.

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