Non payment of business dues
Querist :
Anonymous
(Querist) 11 August 2011
This query is : Resolved
Sir, I have been in book trade for long,but recently (2 years ago) I suffered a major setback in business due to tremendous loss in share market. All my capital in book business were washed away and now i am in dire state and unable to pay my creditors due. The creditors had all this period has patiently waited for me to recover and pay their dues. But as i am left with no money or capital , I have been forced to close down my shop. (i have rented out our ancestral property to meet and support my family some how) .I have got a Cash credit loan of Rs. 4 lakhs from a nationalised bank apart from business outstanding of around 20 lakhs. Even if i sellbn/my shop i am not going to get more than 17 lakhs. in this context i am leaving in constant fear. What legal step can the bank or the business house take against me and should i do to save myself ?
ajay sethi
(Expert) 11 August 2011
call meeting of your creditors . explain your financial position to them and ask for one time settlement
