Legal Question in Credit and Debt Law in India

I got a summon from DRT, Cuttack, my case no is O.A.No-226/2009.My loan amount is now 10.5 lakhs. I did not give any mortgage or any guaranter to my banker.I am directed to appear before the Hon ble Presinding Officer.Now I am not in position to appoint any lawer.My loan was sanctioned for establissing a laundry & Dry-cleaning unit in Bhubaneswar. That unit is closed now due to insufficient order. All the machinary are kept in a store.What shall I do?


Asked on 9/15/09, 8:47 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

If you are unable to meet with your liabilities on account of business failure, you may consider filing for bankruptcy in the appropriate court.

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Answered on 9/15/09, 10:33 am


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