Legal Question in Credit and Debt Law in India
My father took some loan almost 10-15 years back of 2 lakhs from private loan lenders, due to some emergency.He had to give blank cheque to get the money and signed bonds. The interest was 2-6% per month. Unable to pay the whole amount the interest keeps on increasing and he sold all his property over the years but still the debt was very high. He consulted a lawyer and filed a IP or bankruptcy case in andhra pradesh.But its been 1 and a half year but the numbering still didn't come.The lawer adviced him to flee atleast till the numbering comes, so he did.But every date the lawyer gives, after the date comes close he extends it.And also he told that there is no need to come to the court,as he will provide some medical reason for the absent on court date, and after 2-3 years the case will will be in your favour.How much time does it take for the numbering to come? And is this method adviced.What can I do If the loan people are harassing me?
1 Answer from Attorneys
22.06.2014
Dear Sir / Madam,
Your lawyer is completely misguiding you in the matter. You need to agree upon and pay off your father's loan amount and settle the matter..
Regards,