Legal Question in Credit and Debt Law in India

repayment of personal loan

i have taken an personal loan and m having outstanding on credit card also but right now unable to repay it because i have made ahuge loss in stock market. what can be the offence and consequences. plz tell me


Asked on 2/02/09, 8:24 am

2 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: repayment of personal loan

Hello.

Good Afternoon.

1. You may be sued with recovery.

2. If the decision goes in lenders favour you may face a civil imprisonment.

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Answered on 2/06/09, 3:30 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: repayment of personal loan

The lender may sue you for recovery. If a decree is passed against you and you are unable to make payment, the court may order your civil imprisonment.

If your assets are way behind your liabilities and you are facing pressure of debts, you may consider declaring your bankruptcy by filing insolvency petition.

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Answered on 2/02/09, 11:20 pm


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