Kamalakkannan (MD) 26 August 2016
I borrowed from one financier 50L. I am doing mobile sales. I have some other debts for 1Cr. Recently I sold 65L worth Products to that financier for 35L purely for my rotation purpose even I aware that loss. Now I can't repay the debts around 2cr. I want to Surendar my self in court. Kindly advise.
P. Venu (Advocate) 27 August 2016
Suffering loss n business or being in debt is no crime.
Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 27 August 2016
There is no criminal liability upon you. The only proceedings you shall be subjected to are civil . Unless some one moulds the facsts to make it appear as if it is a criminal offence.
Augustine Chatterjee
Advocate & Solicitor at Law
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