rajesh 26 May 2015
Hello,
I took personal loan of 20lacks in jan 2013 and paid the emis till april 2015.I am unable to pay the emis now and lost job.Nothing in hand to repay.
Can i keep insolvency petition and surrender in court and cannot repay the loan.What will be the legal consequences.They will send me to jail for non payment?
ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 26 May 2015
rajesh 27 May 2015
It is a unsecured personal loan an no collateral is given apart from postdated cheques.now not in a position to position to repay.
Can I keep the insolvency petition before the cheque is bounced?
PRASAD AKS (PARTNER) 27 March 2016
NO USE FILING INSOLVENCY PETITION. THIS ACT IS DIFFERENT. YOU ARE IN CIVIL LAW. BUT THIS BANK LAW CALLED SARFAESI ACT 2002 IS ALMOST FAVOURABLE TO BANKS. SO BETTER TO DISCUSSES WITH BRANCH MANAGER
IN A SOFT WAY AND SETTLE THE ISSUE OUT OF COURT DRT.
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