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.

Regards

Deepak

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Quick Summary

This discussion explores remedies for individuals whose liabilities have become unmanageable, with a specific case involving significant debt from multiple banks despite a modest income. While individual bankruptcy is not yet notified under the Insolvency and Bankruptcy Code (IBC) in India, the advice suggests exploring loan restructuring options with banks as a potential solution.