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Bankruptcy and Debt

Bankruptcy

Sir, I have issued cheques to private lenders for the debt they gave me. The cheques r to b deposited in the bank by them every month to collect the EMI. Now my business is in losses nd Im not able to pay the money. But they have my cheques. Could you please let me know, if I filed for bankruptcy, and they deposit a cheque, will I b able to get away from criminal charges. As I have read tht cheque bounce case is a criminal offence. Please let me know. Thank you.

( Bangalore, Karnataka )

5 years ago

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A.
1) best is to avoid liability. Take back the cheques, and issue them notice regarding your state of business.
2) Negotiate payment plans, and one time settlement with the lenders.
3) you have not paid the amount due to them , and it is best to avoid lengthy legal battles when you can.
4) engage an Advocate to conduct negotiation on your behalf.


Regards
Adv Shreesh Chadha
Vidhikarya
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A.
Dear client,

You will have to face the cheque bounce cases if the cheques are not cleared.
You can convey the current situation of yours to him and ask him to wait for the time and give him the assurance that you will provide him the remaining amount.

Kindly revert if you need any kind of legal help and I shall provide you with the same.

Hope you liked my advice and kindly rate with the maximum stars.

Thank you
Adv. Hardik Sheth.
Vidhikarya
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If the cheque bounce cases are filed you have to appear and continue the litigation. But filing Bankruptcy needs big amount as follows. Please give me Rank 5 if you feel my answer helped you.
=====================================================

Key Highlights Of Insolvency And Bankruptcy Code (Amendment) Ordinance, 2019

https://www.mondaq.com/india/insolvencybankruptcy/881586/key-highlights-of-insolvency-and-bankruptcy-code-amendment-ordinance-2019

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 ("Ordinance") was promulgated on December 28, 2019 to amend the Insolvency and Bankruptcy Code, 2016 ("Code"). The below comparative chart highlights the legal position prevailing before and after the Ordinance.
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Hi,

What is the nature of your business?

make some good grounds and issue a notice to the lenders to return the cheques this will help you in future proceedings.

yes, the Cheque bounce case is a criminal offense.
Vidhikarya
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