Salaried Employee having huge debt due to share market-Insolvency Information
Salaried Employee having huge debt due to share market-Insolvency Information
I am suffering with huge losses due to share trading. I am a salaried employee and having bank loan of 17 Lacs. I am residing on rent and having no personal asset except 2 wheeler and 4 lac amount sha
1 year ago
A. Dear Sir,
Section 10 in The Provincial Insolvency Act, 1920
10. Conditions on which debtor may petition.—
(1) A debtor shall not be entitled to present an insolvency petition, unless he is unable to pay his debts and—
(a) his debts amount to five hundred rupees; or
(b) he is under arrest or imprisonment in execution of the decree of any Court for the payment of money; or
(c) an order of attachment in execution of such a decree has been made, and is subsisting, against his property.
(2) A deb ...ReadMore
HOW TO SAFEGUARD HUF PROPERTY FROM ATTACHMENT?
Sir, I am a guarantor for my friend in an individual capacity who is the principal borrower in a cooperative bank. No collateral security has been given from my end. The principal borrower is a defaul
1 year ago
A. Dear Sir,
Unless your property is mortgaged it cannot be attached or sold in public auction. Anyhow you are advised to approach Debt Recovery Tribunal and get a stay order against such Bank.
Credit card debt
I received demand notice from SBI card for 95000 as my card limit is only 87000 but Im not able to pay due to I'm jobless now due to some medical issues and don't have any assests to repay my outstand
1 year ago
A. Here are a few steps you can take to deal with the demand notice from SBI Card:
Contact SBI Card: Contact SBI Card's customer service and explain your situation. They may be able to offer you a repayment plan or help you come up with a solution.
Negotiate with SBI Card: If you're not able to pay the full amount, try to negotiate with SBI Card to reduce the amount or to work out a payment plan that you can afford.
Seek Legal Help: If you're unable to come to a resolution with SBI Card, you may ...ReadMore
Contractual Payment
Hi All, I am in contract with ONE of Courier Aggregator company (Shyplite) and they deliver my courier and collect COD amount and return back to us within a specified timeline. During last year this
1 year ago
A. Dear Sir,
Please approach the following authority or similar authority in a state
The Office Commissioner of Labour
Karmika Bhavan, Dairy Circle,
Bannerghatta Road, Bangalore-29.
080-29753078
[email protected]
Addresses of Labor Inspectors in Bengaluru in different locations
https://karmikaspandana.karnataka.gov.in/page/Contact+Us/Labour+Inspector/en
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Section 12 in The Industrial Disputes Act, 1947
12. Dutie ...ReadMore
Cash credit settlement after death
my father took cash credit loan of Rs 62 lakhs on morgage (residing house). he died last month. As per bank there is no insurance against this loan. i am just college pass out and not able to repay. s
1 year ago
A. In regards to your question, the bank may be willing to work with you to come up with a settlement plan for the loan. However, the terms of the settlement will depend on the specific policies and procedures of the bank, as well as the laws of your country.
You should contact the bank as soon as possible to inform them of your situation and discuss your options. They may require documentation, such as a death certificate, to confirm the situation. It is important to keep communication lines open ...ReadMore
Land involved in insolvency
Dear sir, I purchased a land in 2016, registered, and built a house in that plot. In 2018 I came to know that, (Official receiver given us a notice) this property was under consideration of the court
1 year ago
A. As an innocent buyer, you may have several legal remedies available to you. However, the exact remedies will depend on the specific facts and circumstances of your case, as well as the applicable laws in your jurisdiction.
One possible remedy is to file a case against the seller for fraudulent misrepresentation. You may be able to argue that the seller intentionally or recklessly misrepresented the property as being free and clear of any encumbrances, when in fact it was subject to an insolvenc ...ReadMore
Amount lended on higher interest and now harrasing us
some person has lended amount intially on 2% later int increase to around 40 to 45% p.m. and now they are harrasing us. and even they make situation that if it continues we can not survive.
1 year ago
A. Dear Sir,
You may lodge police complaint and also with the department who are monitoring money lending business and also read the following to protect yourself.
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Remedies against harassment by Recovery Agents
Written By : Kishan Dutt Kalaskar Retired Judge
There are numerous cases of the oppressive and illegal conduct of recovery agents attempting to recover pending dues for the banks' benefit. In the past few years there have bee ...ReadMore
To file a case in DRT COIMBATORE against the sarfaesi act taken by bank
I have got business od amount 2500000 on TAMILNADU MERCHANTILE BANK in 2015 and becomes NPA on 2017 bank issued possession notice and sale notice on 2018 which was stayed by DRT madurai by condition o
1 year ago
A. Dear Sir,
You may approach either DRT or High Court for a direction to the concerned Bank to facilitate for talks to arrive it OTS and thus settle your matter.
Loan Fraud Tourcher
I dint took loan but they are torchering with my contact list telling me to pay the loan i am really scared can you help me out. as i am using iphone they are sending apk file telling me to pay they a
1 year ago
A. Dear Client
You can write a formal complaint to the police station and it would it better if you take help of an Advocate for framing formal complaint.
Hope it helps.
Surfessi act
Bank has taken possession of our industrial unit. They have publish a auction amount 28 lacs. We have asked OTS of 20 lacs. Will it work.
1 year ago
A. Dear Client
You should approach the High Court to get stay order in this Subject matter after that only you may get some chance to do the negotiation and settle for OTS. At this moment Bank will not do OTS as they just need to do the auction so that they can recover money.
Hope it helps
