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My father behalf of myself, brothers and sister invested money in known local chit person (unregistered) up to 6 Lakhs. My father expired in 2019 and the chit person said will give money but from last 1 year he is not giving and after so many follow-up’s he has sent insolvency notice to us and came to know, he is due money not only to us but to others as well. It seems to big fraud and lot of money involved which he cleverly diverted funds and claiming insolvency. What should we do now Sir. Kindly advice.
A. If you have any such evidence against them then file complaint against them immediately
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I will try to keep it short. Below is a table of the amount of debt my dad has to different lenders and their legality, there are many other (also not licensed legal loans) small loans my dad has that he took to pay interests for the big ones.
Loan Legality Amount Interest Annual Monthly Installment
Home Loan Bank 87Lacs 9.50% 94k
Credit Card Bank 3.5Lacs 15% around 20k
Private Loan Illegal lender 20Lacs 3% monthly 60k just interest
Private Committee Illegal lender 8 Lacs 0 80k
Outstanding Suppliers Business Vendors 50 Lacs
Private Loan Legal lender 20Lacs 1.5% monthly 30k Just interest
So basically, we are in a debt trap now. No matter how much we give we will never get out of it. Mostly because there are huge debts which just have sharking interests. We have paid more than 9 lacs just in interest to the person and he came to our workplace harassing my dad asking his money back. We do not want to default but it is almost impossible to pay it back with our current business as we cannot produce enough cashflow for it to even run. We are basically bankrupt. I live abroad and study and my dad is the sole proprietor of the business so we have unlimited liability. Moreover, my dad also does not believe in my advice to get professional help with his finances and always threatens me that he only has the option to commit suicide now. We have sold everything that we had, gold, car, one house. We only have the house left which is worth around 1.1cr but there are no buyers in the market. Moreover, after paying the homeloan we would be lucky to have 30 lacs in hand which still isn’t enough to cover our debts.
Therefore, my question is how do we get out of it? Can the illegal lenders make case against us on some bounced cheques? What if we declare bankruptcy? How would it affect our future? Will the bank take our house and auction it at face value? And how to get these harassers out of our way? I know these are some bad people and can try to take revenge. Please, let me know your valuable advice and I am also willing to hire a professional to deal with this case.
A. Dear Sir,
You may get issue a legal notice on the basis of following judgment.
==============================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are gove ...ReadMore
You may get issue a legal notice on the basis of following judgment.
==============================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are gove ...ReadMore
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I was working in an organization where a guy threatened me and complained against him in police station which I took back after his written apology. Then I resigned from the organization and now the company is not clearing the FNF
A. Dear Sir,
You can get issue a legal notice and if not pay even then you can approach a civil Court by filing suit for recovery of all the dues with interest and costs.
Thanks.
You can get issue a legal notice and if not pay even then you can approach a civil Court by filing suit for recovery of all the dues with interest and costs.
Thanks.
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I was working in an organization where a guy threatened me and due to the same I resigned from my post after filing a complaint against him. Now the company is not paying me full and final
A. Dear Sir,
You may get issue a legal notice followed by a civil suit for recovery of dues with interest.
Thanks.
You may get issue a legal notice followed by a civil suit for recovery of dues with interest.
Thanks.
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I have a 04 months outstanding with ICICI credit card amounting 342000, can bank file a case against me, if yes when?
A. Dear Sir,
They can file a case at any time and now they are choosing to file arbitration case and get a decree and thereafter attach your properties movables and immovables. You may also resist their claim depending upon following judgment.
===========================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaul ...ReadMore
They can file a case at any time and now they are choosing to file arbitration case and get a decree and thereafter attach your properties movables and immovables. You may also resist their claim depending upon following judgment.
===========================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaul ...ReadMore
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I have 3 credit cards and 1 personal loan. I was making payments earlier but then I wasn't working and couldn't make the payments and now I am getting collection calls and few calls I got from SBI, where they have also used abusive language, they made calls to my mother and my friends. I am under pressure because I am getting calls daily. I am now working and want to payoff but not getting any way how to do that.
A. Dear Sir,
You may get issue a Legal Notice based upon following judgment and they will stop their calls.
==============================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that w ...ReadMore
You may get issue a Legal Notice based upon following judgment and they will stop their calls.
==============================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that w ...ReadMore
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A relative of mine has some dues on his/her credit card from RBL Bank. Since he/she has changed the phone number which we don't know, The recovery agents are threatening my colleagues , friends and family members and even my Office HR. They have been calling continuously from different numbers and abusing very badly. I don't understand how are they getting access to all these phone numbers and does the law permit them to do so. Please help me in this situation since I also have recordings of their calls.
A. Dear Sir,
You may get issue a legal notice or file a suit for permanent injunction as per following judgment.
===============================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions t ...ReadMore
You may get issue a legal notice or file a suit for permanent injunction as per following judgment.
===============================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions t ...ReadMore
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Agar me insolvency file krta hu to muj par Kya restrictions aayege... Aur insolvency kab tak rahegi mere upar... Future me income k liye aur Kya kar sakege... Kya koi government job mil skta hai.
A. Dear Sir,
Please know the procedure which is as follows. There is no bar to get Government job if you are declared as insolvent.
========================================================================
The Insolvency And Bankruptcy Code, 2016 - Key Highlights
Dear Sir,
The provisions of Bankruptcy and insolvency Act may be used to get relevant certificate. The highlights of the Act are as follows followed by a link.
KEY HIGHLIGHTS
1. Corporate Debtors: Two-Stage Process
To initiate an in ...ReadMore
Please know the procedure which is as follows. There is no bar to get Government job if you are declared as insolvent.
========================================================================
The Insolvency And Bankruptcy Code, 2016 - Key Highlights
Dear Sir,
The provisions of Bankruptcy and insolvency Act may be used to get relevant certificate. The highlights of the Act are as follows followed by a link.
KEY HIGHLIGHTS
1. Corporate Debtors: Two-Stage Process
To initiate an in ...ReadMore
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Dear Sir, My brother has applied for education loan in 2011 for engineering course from Andra bank, Chennai but he received only one semester fee as loan for ruppees 62500 after bank is have not supported later we borrowed money from others for interest for 3 years engineering course so we can't able to pay education loan for upto 7 yerar due to paying for others and also he doesn't get right job to settle the loan amount now we get legal notice for not paying the educational loan so now we are ready to pay the loan principle but interest itself comes around 50000 + principle 62500 so we had a situation which cannot afford interest so we need your legal advice how to waive interest as much as possible for with only paying principle , please suggest how can we proceed this . Thanks in advance . Regards vijay
A. Dear Sir,
It is civil dispute and ask the bankers to file civil case and in that civil case your brother can seek more and more time for repayment.
Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
It is civil dispute and ask the bankers to file civil case and in that civil case your brother can seek more and more time for repayment.
Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
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Bajaj Finance given me a loan at January 19. After paying 9 months I can't pay my EMI what can I do?
A. Dear Sir,
You may ask them to postpone the recovery facility otherwise ask them to approach Court and if they force you to repay the same you may rely upon the following judgment.
==================================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We d ...ReadMore
You may ask them to postpone the recovery facility otherwise ask them to approach Court and if they force you to repay the same you may rely upon the following judgment.
==================================================================================
ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We d ...ReadMore
Helpful
Helpful
Share
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