LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Deepak Adlakha   28 December 2020

Remedies of bankrupt individual

Dear Expert

Please let me know that whether there is any specific remedy available for individual whose liabilities are out of his control. He also wants to pay dues but his obligations of different banks are very high. His monthly income is INR 55000 but has financial obligations of INR 19 Lakh from various PL+OD+Credit card.

He is unable to survive at this time. Can any law help him by which he can approach to any single bank to settle all dues in one bank and make single EMI.

i also attached monthly payment due.




 2 Replies

Hemant Agarwal ( Mumbai : 9820174108)     28 December 2020

1. File Bankruptcy proceedings before the local Civil court,  by following due proceedures of law.

Keep Smiling .... Hemant Agarwal

Aakash Sehrawat   29 December 2020

Individual bankruptcy is not notified yet under the IBC. But you can restructure your loan with the bank.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register