DRT/cgtmse case

raj bhatia (Querist) 01 April 2016 This query is : Resolved
I had a partnership firm in New Delhi, and me and my partner took a loan of Rs. 70,00,000 from a bank under the CGTMSE scheme where no collateral was given.

The business suffered badly as there were some issues with our buyer which is major corporate in India. The bank was well aware that the business was suffering and even wrote to our buyer directly. However we do not have access to that communication.

Me and my partner had a dispute and we decided to close the company, my partner eloped to the UK without informing anyone.

The company was closed down suddenly as we were in a rented premises, and we did not have the resources to meet rent and other overheads. The proceeds of raw material sale etc which sold less then a third of market price were used to pay off govt dues like Excise duties, TDS, VAT, ESI and employee salaries.

I was also living in a rented premises and changed houses. And just came to know that the bank has filed a case with the DRT. I did not receive any summon as I had changed address.

Now I do not have any assets / property in my name and since the last 2 years since the business closed down have been living off support from my father and I had to move in with him as I could not afford rentals.

Now I want to understand what could be my liability here, and wether any problems can happen for my father.

Please advise.

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