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Need legal advice for my future course of action

A. Dear Sir,
http://lawgyaan.in/faq-insolvency-bankruptcy-code-2016-ibc/

http://dpal.kar.nic.in/pdf_files/7%20of%201963%20(E).pdf

FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
The motive behind these Frequently Asked Questions is to address the basic queries of the stakeholder (Companies, Individuals, Partnership Firms, CEO, MD, Directors, professionals, students) on the Insolvency and Bankruptcy Code, 2016.
Evolution, purpose of IBC and Autho ...ReadMore
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Simi  Paul
Simi Paul Experience: 1 Year(s) Kolkata
Suneel  Moudgil
Suneel Moudgil Experience: 16 Year(s) Panipat
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Anonymous

Posted 3 weeks ago

I have any loans and no income now, therefore, I was to declare bankruptcy. How can I do that? And will banks stop calling and asking for money after that?

A. Dear Sir,
You may go through following procedure.
===========================================================
http://lawgyaan.in/faq-insolvency-bankruptcy-code-2016-ibc/

http://dpal.kar.nic.in/pdf_files/7%20of%201963%20(E).pdf

FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
The motive behind these Frequently Asked Questions is to address the basic queries of the stakeholder (Companies, Individuals, Partnership Firms, CEO, MD, Directors, prof ...ReadMore
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SIVAPRASAD KANIYANKATTU

Posted 4 weeks ago

OUR BELOVED MOTHER PASSED AWAY IN 2018. SHE HAD INVESTED CERTAIN AMOUNT IN A FINANCIAL INSTITUTION LATER FACED LEGAL PROBLEMS AND COURT APPOINTED ADMINISTRATOR. IN THE COURSE TIME THE DECEASED INVESTOR NOMINATED HER GRAND SON TO RECEIVE THE PROCEEDA IN THE EVENT OF DEATH. NOW THE ADMINISTRATOR DECLINED THE NOMINEE'S CLAIM INSISTING FOR LEGAL HEIRS. WHEN THERE IS A NOMINEE IS IT FAIR ON THE PART OF ADMINISTRATOR TO SUMMON EACH AND EVERY SON AND DAUGHTER AND SIBLINGS FOR SETTLEMENT ?

A. Dear Sir,
You may approach again to the same Court saying that the action taken by Administrator is not legal and ask the Court to instruct the administrator accordingly.
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Anonymous

Posted 1 month ago

I have 2 unsecured loans and one secured loan but cannot pay emi of secured one right now, can i stop my Emi for a while for my unsecured personal loan and pay for my secured home loan and what are the repercussions that i have to face/solution

A. Dear Sir,
You may approach the bankers and senior officers and you may get appropriate reliefs.
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Anonymous

Posted 1 month ago

I am unable to pay my credit card debt, I have faced huge losses in my business, right now I have no income, how to file bankruptcy in kolkata?

A. Dear Sir,
You may used the following judgment and ask your advocate to get issue a legal notice and then they may not give trouble to you.
==============================================================
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 in ...ReadMore
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Anonymous

Posted 1 month ago

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. Dear Sir,
You may immediately approach the police station.
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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
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J S  Pawar
J S Pawar Experience: 4 Year(s) Mumbai
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 4 Year(s) Aurangabad
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Anonymous

Posted 1 month ago

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.
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Anonymous

Posted 1 month ago

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.
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Naveen Mehta

Posted 1 month ago

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
Helpful
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Sandeep  Pingale
Sandeep Pingale Experience: 14 Year(s) Mumbai City
Chitra  Sundar
Chitra Sundar Experience: 8 Year(s) Thane
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