Legal Question in Credit and Debt Law in India

Hi,

My uncle is in big problem, Need help regarding this..

My uncle has debts around 20 lakhs and he is retired bank employee....he gets pension of 10000 rupees out of which 4000 goes for bank loan.

He doesn't have any property to pay the money. He took the money from different persons and paid interest on regular basis and after retirement he is unable to pay the amount.The debits rised only just by paying the interest to different person. He has two sons. Elder son is working in bpo comp with sal of 20000 and younger son is working in private com with very less salary of 3000

My uncle has good name but he lost everything now... My uncle has given cheques to the creditors and i'm not sure when the creditors will submit the cheque.Creditors are harrasing him. I' don't think the matter can be solved by comprimise with creditors

Will my uncle can be eligible for insolvent??

If he is eligible for insolvent, How to proceed and what is the effect on it?

If he is not eligible for insolvent, what is alternate option.

Is there any effects to my uncle sons??

Please Help........


Asked on 8/01/10, 10:14 pm

1 Answer from Attorneys
Fahri Toga TOGA//OKSUZ

Dear contactor thank you for contacting us.

We have just received your message. For giving a precise and a detailed answer please send to us on the following e-mail address more information and the document regards this problem. We will be able and available to answer any of your questions. So if you will have any question please do not hesitate to contact us.

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Best regards and best wishes.

Attorney at Law

Fahri TOĞA

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Answered on 8/02/10, 12:51 am


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