Legal Question in Banking Law in India

We had a partnership concern in Delhi, had taken a loan of Rs. 70,00,000 from a bank under cgtmse. The business suffered huge losses because of rejection in manufactured goods, and our main client an Indian corporate stopped buying from us. The business closed down in huge losses and my partner shifted to UK without informing anyone. I was also in a rented house and changed houses. Recently I came to know bank has filed a case with DRT.
What could be my liability, and what could happen to me as I have no assets in my name.
We kept the bank informed of the losses happening and the bank was aware the business was suffering.
But the closing was sudden as our premises was rented and we had huge overheads so we closed down immediately. All the money collected was used to pay off govt dues like Excise duty and Esi and TDS.
Please advise.

Asked on 3/31/16, 11:27 pm

Fca Prashant Chavan Expert Edge LLP

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01.04.2016

Dear Sir / Madam,

I advice and suggest you contact a local Chartered Accountant to address the DRT case and assist you to resolve the crisis.

Regards,

Answered on 4/01/16, 6:09 am

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