Legal Question in Banking Law in India

My name is Krishna .I had taken loans from persons . Present my situation is too bad . Some days I afraid and Hiden. Now I cannot handle the situations .is there any option in law to protect me .if in law there no option to me suside is my one way . I will definitely give money to them. But present I have no money . i want to give them every monthly some money and and I may not pay further interest s . I want to closing increasing money and clearing every month some money to give . Sir / madam dear lawyers please help me .

Thank you

Asked on 5/17/21, 9:00 am

2 Answers from Attorneys

please approach the bank and give them a application explaining your financial situation.

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Answered on 5/18/21, 11:25 pm
Rajiv Chandhok Ph: +919810050896

There is a way. Just Calm down. You will have to file a petition in the Debts Recovery Tribunal having jurisdiction in your area, under the Insolvency and bankruptcy Code. Here you will get total protection from your creditors including Police Help. This does not mean that you will get rid of your loans for free, but you will get time. Certain reductions of the loan amounts will be made by a resolution process after you submit all your assets.

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Answered on 5/19/21, 1:46 am

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