Can't repay loan
vicky kumar
(Querist) 12 May 2014
This query is : Resolved
Respected Sir/Madam,
My relative(male) took many loans over the years from money lenders and friends, which, due to high interest, he could not pay, and the loan sumed up-to 1.5cr. He gave blank signed cheque to many. Unable to pay the loan he ran with his family to someplace no one knows as advised by the lawyer.He has police case on him and the blank cheque he gave came back as there was no money in the account. The lawyer/relative has kept a IP case in court(Don't know what it is, all I know is if you can't pay the loan with all your property and salary the court grands you a option not to pay). But its been 2 years but the numbering didn't come till now, the lawyer keeps telling 2 months, and extend the date( I don't mean any offence to the lawyer). And he says you don't have to come to the court, I will see everything, after the numbering comes, in 2-3 years the court will grant the case in your favor.IS IT POSSIBLE???. His daughter is studying in a different state, Loan people said they will take the money from her after her studies as her father used her studies as a reason for loan(and maybe took loan on her name, I don't know), SHOULD SHE BE IN CONTACT WITH HER PARENTS, loan people already know where she studies and came to her for her father location but she didn't tell them and booked a police case and they went away. DOES THE DAUGHTER HAS TO PAY THE LOAN??. WHAT CAN SHE DO NOW SO THAT SHE WONT GET IN ANY TROUBLE. it will take 3 yrs to complete her studies. WHAT SHOULD SHE DO SO THAT NO TROUBLE COMES TO HER. Please reply soon.
THANK YOU...
Guest
(Expert) 12 May 2014
You have to go step by step in sorting out the issue.First constantly follow it up with your advocate and get the Insolvency Case Numbered.Also note court is not authorising you not to pay but you are surrendering before court confirming your inablity to repay.The daughter being a Student and she should be minor as well can not be held responsible unless and until she is major and havs signed any documents as Surety or undertaking on behalf of her father,If your advocate is not taking interest you could seek the help of Free Legal Aid Cell available in Court.
vicky kumar
(Querist) 12 May 2014
The daughter is above 18 but she didn't sign any document, it might be her father signed on her signature, she was a minor when the loan was taken, should she be in contact with him, as he is missing and a police case is filed against him. will not gong to the court still makes the case in favor.
V R SHROFF
(Expert) 12 May 2014
YOU WERE ADVISED FOR THIS PROBLEM BEFORE A YEAR
i REPEATE
"Dear Querist
the girl should file a criminal complaint/FIR against them, there is only option she have.
Feel free to Call
Nadeem Qureshi (Advocate)
Chember No. D-720, Karkardooma Court, Delhi
email : nadeemqureshi1@gmail.com
web: nadeemqureshi498a.webs.com"" """"
Mob: +91 9953809956
+91 8802305262
"'
Did you follow-up?????
AND YOU ARE A STUDENT.
DO NOT CORRUPT YOUR MIND With such Money Greedy Money Lenders and Cheaters. Your relative GOT 1.5 cr. , CAN HIRE TOP Criminal Lawyers.
Will LCI Experts like to help such Cheaters..
We are here to help honest, needy, persons who have Legal problems. Your hiding relative deserves punishment.
vicky kumar
(Querist) 12 May 2014
He took only some 15-20 lakhs for his in law relative to study in forein which was all spent on his studies and the in law didn't get a job. with 2-10% PER MONTH interest(as it was from private money lenders), which over the year became 1.5cr by interest on interest. His brother in law promised to pay, but as he didn't get any job he stopped contacting my relative. he has no job( he has to leave it) no money at all,he has to sell his 2 houses, he has a odd job which gives him 4000-6000 every month,he paid more money to the lenders then borrowed originally,over many years from his salary and his house, but interest upon interest got it that far. Please try to understand, he has no option.
Sudhir Kumar, Advocate
(Expert) 13 May 2014
read views of Mr Shroff. I agree and will add that the amount does not matter. This forum does not help cheats and swindlers.
Sudhir Kumar, Advocate
(Expert) 13 May 2014
you were well advised regarding protection of his daughter on
http://www.lawyersclubindia.com/experts/Harassment-of-daughter-by-illegal-money-lenders-379016.asp
you have acted well.
But who will protect money lenders from his daughter. It just cannot be forgotten that she is available link of a criminal who has run away after cheating many persons. He has signed cheques and though you did not reported there may because against him u/s138 NI Act and it can be expected that NBWs may also be there.
Indian Police if intending to unearth his location then they know their job very well. When compelled by curt they do their job very well. They also know how to utilise link of his daughter to reach him. The facts given by you indicate that she is expected to know where her father is only thing is police is yet to use power against her.
K.K.Ganguly
(Expert) 13 May 2014
1. She can not be entirely trouble free as she knows where her father is who has taken huge loan, inter alia, for her studies,
2. Police may interrogate her for her father's address.
T. Kalaiselvan, Advocate
(Expert) 13 May 2014
agreed with expert Mr. Sudhir Kumar's opinion, nothing more to add on the subject.
