Legal Question in Consumer Law in India
I am a partner in one partnership firm, as per partnership i am a working partner of the firm. Some people deposited money on interest with our firm. Now, our other partners who look at the business of the firm denying to return the money as well as the interest on it. The depositers have filed suit u/s 138, as well as under consumer protection act. The case under 138 is pending in court. But the consumer court case is decided against us. I have no sufficient money to repay such loan because it much in numbers as well as in amount. There are many people who filed suit under consumer court as well as under 138. The consumer court has passed order for repaying the amount within 30 days with interest @ 8% p.a. in case if the payment is not made within 30 days grace period of another 15 days is given with penaulty of additional 4% interest.
My question is what if I do not pay the amount which I am unable to pay. Already one of the depositer has filed suit under insolvency also act against us. I am also unable to go to high court as the expenses of the same are huge.
4 Answers from Attorneys
file the appeal before state commission against the order of consumer court.but you are liable so prepare the ground after consulting your lawyer. tell us the place to get our help in your place.
Regards,
in the present circumstances, either do as mr. kamal suggested or go for declaring urself a bankrupt.
You may admit "insolvency" in the suit filed by one of the depositors.
Approach legal aid as you cannot afford fees and expenses.
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