Legal Question in Bankruptcy in India

credit card payment problem

sir,

Kindly let me know that if a credit card company has filed a litigation u/s 37,what are the consequences and what ae the remedies available to me as the defendent.

Someody has advised me that I can file an ''INJECTION SUIT'' ...kindly advice what does that mean and will it help

I have many credit card from all mnc bank in india, i had used these cards for almost 3-9yr and was a regular payer of all my dues on time.

But due to a sudden my financial crisis I had lost all my money which i took out of the credit card and hence i have no money to pay......Banks have issued notices,filed cases against me,I had visited many lawyers but of no use as some one say something....some say other thing what can i do....sir i am very poor guy and need right move to get out this legal problem......please help me sir.i know your time is very valueable but if u can help me i will be really very thankful to you..its like giving me new life.

sir my all money lost in stock mkt and lot's of money going to pay intrest to card company over 3-9yr.

sir if u not advice to go insolvent tell me what can i do sir.......bank file case under recovery act u/s

37...civil siut and 138 n.i.act also.

please.....please....please help me sir thanks


Asked on 6/06/08, 9:17 am

2 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: credit card payment problem

You are in big problem I must say..

In this case you may negotiate with the credit card company and pay them in installments sticking up to your commitments. As far the companies are concerned even they are interested in money recovery inspite of sending someone to jail.

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Answered on 6/06/08, 11:55 pm
Manish Dhingra Legal

Re: credit card payment problem

You are really in a mess. As per my experience, eventually to have to pay the credit card companies unless you want to show yourself as bankrupt (which has its own problems). Section 138 proceedings are criminal one and you may be jailed.

So, my suggestion is to try to make a deal with these companies and start paying them slowly but regularly. See at the end of the day, what these companies want is their money back and not seeing you going to jail. So deal with them wisely as per circumstances.

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Answered on 6/06/08, 10:39 am


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