Legal Question in Bankruptcy in India

Hi sir, i borrowed a sum of 9 lakhs from a private lender on intrest in india.

my condition is very bad and atleast need 4 years to clear the debt where the lender was forcing me to get his money back. i dont have any property on my name where my father does.

if i file a bankruptcy do my father needs to pay the debt. if not then when i repay the amount do i need to pay the amount with intrest?


Asked on 11/06/11, 10:14 pm

2 Answers from Attorneys
Chandrawat, Call- +91-8109444689 Litigation Expert & Legal Advisor ([email protected])

In case of your declaration as bankrupt you may liable to pay up to the extent of your's inheritance proportionate share in fathers property otherwise not. whereas the issue of repayment of Interest depend on the terms and condition of agreement signed between you and the lender.

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Answered on 11/06/11, 11:42 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

I agree with the above opinion. However, you should make all possible efforts to settle with the lender as soon as possible. Legal remedies may not be effective.

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Answered on 11/07/11, 8:24 am


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