Subscribers of chitfund company harrasing agents for money back
7 months ago
Sir I was a agent of a chitfund company. But as the company has demolished subscribers asking money back from me.in this situation I feel very helpless.please tell me what should I do.
A.Dear client,
When you are facing harassment from the depositors of the said closed-down chit-fund company, under the Provincial Insolvency Act,1920, you can file for bankruptcy if you are unable to repay a claim greater than ₹500. After analyzing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply for a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors. Once your application is admitted, your property vests with the “receiver" appointed by the court. This official then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the court. Once this process is completed, you will be “discharged from bankruptcy" by the court, giving you the opportunity to build your life and finances afresh, without being hounded by your previous creditors/Depositors. OR ELSE, you can ask the subscribers of the chit fund company to wait till the liquidation proceedings get completed by the Court.
When you are facing harassment from the depositors of the said closed-down chit-fund company, under the Provincial Insolvency Act,1920, you can file for bankruptcy if you are unable to repay a claim greater than ₹500. After analyzing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply for a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors. Once your application is admitted, your property vests with the “receiver" appointed by the court. This official then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the court. Once this process is completed, you will be “discharged from bankruptcy" by the court, giving you the opportunity to build your life and finances afresh, without being hounded by your previous creditors/Depositors. OR ELSE, you can ask the subscribers of the chit fund company to wait till the liquidation proceedings get completed by the Court.
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