Legal Question in Bankruptcy in India
I owe a friend 5,00,000 INR in india and he refused to give me some time to repay it. He was forcing me to repay it in full immediately where i am not in a condition to do so. He has a promissory note which i signed. I dont have any property on my name and my father has where my share of the property was already shared. So what should i do to stop him for atleast 3 years so that i can pay the loan with intrest when my condition gets better.
Asked on 12/04/11, 3:37 pm
2 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
You should start making payment in instalments - even small amounts, on a regular basis.
Answered on 12/04/11, 8:05 pm
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
in case you stop him for 3 years, his debt would be barred by the law of limitation. better hire a lawyer in india to defend the legal action.
Answered on 12/05/11, 12:05 am
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