Legal Question in Business Law in India
non payment of Credit
A friend of mine runs a propriety firm and due to mismanagement of funds has gone in a loss of 14 lacs he plans to pay back but needs time with creditors how should he handle and what are the legal consequenceis if they file a suit against him. Kindly advice
Asked on 10/21/08, 5:03 am
2 Answers from Attorneys
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Re: non payment of Credit
They can recover from properties even private as the business is proprietor. He can request creditors to give time for payment if he honestly intends to pay otherwise declare himself as insolvent or bankrupt.
Answered on 10/26/08, 9:50 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: non payment of Credit
one may consider declaring 'bankruptcy' by filing a petition for 'insolvency' in the local court.
Answered on 10/21/08, 6:41 am
Related Questions & Answers
-
Sale deed execution can a sale deed be executed using a power of attorney which is... Asked 10/18/08, 10:48 pm in India Business Law
-
Retaining and withholding of our amount by East Coast Railway, Bhubaneswar Continued... Asked 10/15/08, 12:20 pm in India Business Law
-
Withholding of our payment by East Coast Railway, Bhubaneswar As per the concerned... Asked 10/15/08, 12:13 pm in India Business Law
-
Director's salary in a pvt. ltd. Can a director of 2 private ltd. co.'s get salary... Asked 10/15/08, 9:18 am in India Business Law
-
Companies law short notes on- categories of suits filed by a partner of an... Asked 10/10/08, 9:23 am in India Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
