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Subhojit Sarkar (Proprietor)     14 December 2009

Summon u/s 138

Dear Experts,

I am in Business, got a personal loa of Rs.96000/= from Barclays Finance last year. After paying 4 instalments, can`t able to pay any more because of sudden financial ctysis. Even i am not paying even a single EMI to any bank from whom i have got Personal loans. 

For this case, i have attended the lok adaalat for settlement but it cant be solved as their demand was quite higher. Now they have sent me a summon u/s 138. As my finacial condition is worse then ever, i request you all to provide me with information to defend myself as i am willinly to settle the matter.

Pls help.



Learning

 20 Replies

Smita_L01042008 (student)     14 December 2009

Mr. Subojit,

information given by you is incomplet. we are assuming that u have received summon under section 138 of Negotiable Instrument Act. in that case u need to appear before court through your advocate. your plea will be notify.

u need not worry. beacuse proceedings under section 138 are very slow. i have seen the accused keep on taking dates from court for any reason like advocate it not there, advocate is changed etc. etc. years are passed but no result has come out.

kindly clarify the fact so that we can advice

1 Like

Vijyant Nigam (09807349001) (Advocate)     14 December 2009

mr. subhojit

if you received summon under section 138 of the negotiable instruments act then it is advisable to engage a good lawyer immediately to get the postive remedies in your favor or it will not be easy for you to get rid of the said case in the later stage. plz do not take the matter under section 138 of the n i act so lightly.

thanks

vijyant nigam

advocate

1 Like

Subhojit Sarkar (Proprietor)     14 December 2009

Thanks alot, yes ur assumption is right. can u add something more on this. Any suggestions?


(Guest)

Hi,

Why not file an IP, i.e., insolvent?

 

Devajyoti Barman (Advocate)     14 December 2009

If you are not in a salaried person then you can initiate proceeding under Provincial Insolvency Act which will provide you all important time and firmer  ground for negotiation

1 Like

Subhojit Sarkar (Proprietor)     14 December 2009

Thanks Sir.

but still i am running my business somehow to recover, does it will affect my business?

regards


(Guest)

Yes, it will affect you, even if not in a great deal!  if you get the IP declared, then it will be hard for you to get any sort of financial help and any contract or transaction with a person declared insolvent is void.

 

 

1 Like

Subhojit Sarkar (Proprietor)     14 December 2009

Ok. is their is any time bound for not getting any sort of financial help and any contract or transaction with a person declared insolvent is void.

regards


(Guest)

There is a provision where you can pray the court for annulment, after satisfying certain conditions, and after that, the same has to be published in the gazette journal.

1 Like

Subhojit Sarkar (Proprietor)     14 December 2009

thnks for ur concern, can u share more with the term "annulment" and "certain conditions".

regards

Subhojit Sarkar (Proprietor)     15 December 2009

Dear Experts,

can settlement of this matter can be done in the court.

sweta singh (n/a)     15 December 2009

 In my view if u want 2 settle the matter send a settlement letter  2 the concerned bank through ur lawyer & ask 4 sum time 2 repay the amount...or tell them that u can pay certain % of the balance amount like 20% or 30% waiving the interets they charge......within sumtime......u may get  reply 4m their side.........engage a gud lawyer 4 this purpose....

1 Like

Subhojit Sarkar (Proprietor)     15 December 2009

Thanks for ur promt reply.

How much time i can buy after sending the settlement letter.

sweta singh (n/a)     15 December 2009

 well u can ask for 6 months time....depends on the bank......let them reply 2 ur letter and contact ur lawyer........if they try 2 contact u instead then ask them tat u will meet them with ur lawyer.....


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