I have an debt of Rs.2000000 and not paying even single rupees due to business loss what is the legal prob.?
2007-04-07 12:58:12 · 5 answers · asked by umang L 1 in Politics & Government ➔ Law & Ethics
Only legal probability for you is to get yourself declared insolvent under the Provincial Insolvency Act,1920 this can only help you & prevent you from any legal action taken against you by your creditor. For more guidance write to me directly.
2007-04-07 17:24:59 · answer #1 · answered by vijay m Indian Lawyer 7 · 0⤊ 0⤋
It depends on the loan you have taken. If it is an unsecured loan it is a social problem and if it is a secured one that will be a legal problem. If you want to be in safe position you should file an insolvency petion in a court of law. For more clarification better consult a lawyer as the forum here is not sufficient. But I hope you will work hard and make the business a profitable one and pay back all your debts. Good Luck.
2007-04-07 14:31:34 · answer #2 · answered by GOPALA KRISHNA M 4 · 0⤊ 0⤋
The legal complications can't be determined just be a sentence or two of your question as above. In general, any body may say penalty/fine, imprisonment or both as the last legal remedy on you and even you must be aware of this. Unless your case is looked into in detail, the relevant provisions of Indian Law can't be explained and this may cost you a fee of the expert sincerely doing so.
2016-05-19 21:45:12 · answer #3 · answered by ? 3 · 0⤊ 0⤋
20 lakh Indian rs means almost 20k USD? Correct? Well its a big loan for Indian currency. If you are having business loss then talk to you bank/ bank manager. Or else they will send you notice soon and will take legal steps to recover their money if you have any asset on your name they have right to cease to recover their money. So you better talk to your lawyer and bank manager soon. Spartan
2007-04-07 14:22:49 · answer #4 · answered by Spartan Total Warrior 5 · 0⤊ 0⤋
I know like a million rubels equals like 2 US dollars....so....im confused whats the question?
2007-04-07 13:07:28 · answer #5 · answered by aristotle1776 4 · 0⤊ 1⤋