IBC Code: Complete Overview and Drafting Workshop. Register Now!
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

aamele law (student)     12 February 2009

Dishonour of personal loans/credit card/maintenance/company loan

Hi All,

My wife had filed a 498a against me and 125 Cr.P.C. I have a personal/car/credit/company loan/maintenance. Until recently I have been paying all. Due to personal and life dis-satisfaction/humiliation/depression I had quit my job.Can someone please let me know what the consequences are of if I cannot pay back. I donot have any assets and was staying a rented place. But now I have moved to a friends place as I could not pay rent.I had taken the personal/company loan for my wife/in-laws when in good terms.

Can someone explain the legal consequences of my not meeting my commitments since I had given them cheques. Please let me know what is the sequence for next 5 years.Thank you All for reading this patiently. Appreciate all responses.


Vipin Kumar.



 1 Replies

M. PIRAVI PERUMAL (Advocate & Consumer Rights)     12 February 2009

Yes you are liable for repayment of the loans borrowed by you.  In case of cheques issued by you is returned unpaid,  you are certainly liable to be prosecuted under NI Act.  Your personal problems will not help you to shirk your liability.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Post a Suggestion for LCI Team
Post a Legal Query