Kamalakkannan (MD) 15 September 2016

Financial case

I need some Basic Details for the Following Issues . I am Looking for Lawyears who are based in chennai to Provide Legal Advise to come out form my Issues.

1. I Lended from Private Financiers Now i am not in a position to meet out their interst due to some loss in business.

2. I have Loans Arround 2.5Cr. I can repay their Amount but i need Minimum 2 Yrs time to come back to my Business Again. At that time i can repay them with the Nominal Intrest what they Ask.

3. Some People are Advising to Issue Yellow Notice and Close the Business.

Every day i am moving my seconds like any thing. Kindly Provide me the correct solution to come out from this issue or Advise how to Provide Yellow Notice and what are requirements what will be the impacts on this.

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1 Replies

G.L.N. Prasad (Retired employee.) 16 September 2016

If the troubles are temporary, filing insolvency petition may affect your family's prestige a lot. Either you can yourself negotiate with the persons that lent you the money, or send them notices of your willingness or approach Legal Services Authority for a compromise award before them. It is always better to proceed through competent advocate in case of sensitive matters, and approaching open forum and depending on general guidance without stating entire facts may not help you in long run. If you have assets dispose them and establish your honesty and sincerity.