Legal Question in Business Law in India

Dear Sir/ Madam

I am running a business which is currently in heavy loss.

I am unable to pay the liabilites & unable to clear the cheques that has been issue to suppliers.

I was having a HUF property which has partitioned before a year ago among my sons & wife. Now i Dont have any partition in that property

Now please show me that ways that i can get out of these ......

What to do with those PDC cheques that has been already issued to suppliers....

Now i am not in a condition to run the business...

I want to close it immeditely.

I dont want to go to jail....

Now please show me that ways that i can get out of these ......


Asked on 9/07/11, 5:54 am

1 Answer from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

Try to reason out with your suppliers and sort out with them or else they would file a complaint u/s 138 N I act against you.

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Answered on 9/08/11, 12:13 am


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