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Sreeram (analyst)     26 March 2014

Bank insolvency petition

Respected Seniors,

Myself residing in Hyderabad few years back I took almost loan amount of 15 Lakhs and invested in Stock market which I lost in 2008 crash and also borrowed money from various people and invested and apparently both the amounts washed out ...since then im into secrecy or hiding process ...and bcoz i was unable to pay the same to banks and ppl from whom i borrowed ..even after selling every penny of my Property i m still left with no funds and recently Bank ppl was able to trace me and im into deep trouble ...as I have a small kid and i dont see any other scope but to suicide at this moment and whn i went and asked the bank ppl they said my amount raised upto to 50lakhs after interest and Penalty charges n all  ...

However, my friend advised to appeal for Insolvency petition which will protect me from Banks and debtors who will not be in a position to trouble me...and start a fresh life

Please give us solution for my family to get out of this Turmoil....I m ready to contact Lawyers or suggest me alternates ...i pray to all the ppl here to give ur inputs and never get into the business of stock market...

Regrets,

Sreeram.M

 

 



Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     26 March 2014

Immediately file an insolvency petition. 

Sreeram (analyst)     26 March 2014

But how Sir

 

What is the procedure I dont know and apart from that will i be eligible to apply for Insolvency petition..???

Sreeram (analyst)     27 March 2014

Yes I have logged in and gave my details but havent got any response....

However Thanks for your concern highly appreciated...

T. Kalaiselvan, Advocate (Advocate)     27 March 2014

You first contact a prudent civil lawyer in your locality, give him the details and ask him to proceed with the Insolvency petition before a court of law of your jurisdiction, he will take care of all the formalities.


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