Legal Question in Bankruptcy in India

I owe a friend 5,00,000 INR in india and he refused to give me some time to repay it. He was forcing me to repay it in full immediately where i am not in a condition to do so. He has a promissory note which i signed. I dont have any property on my name and my father has where my share of the property was already shared. So what should i do to stop him for atleast 3 years so that i can pay the loan with intrest when my condition gets better.

Asked on 12/04/11, 3:37 pm

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

0 users found helpful

0 attorneys agreed

You should start making payment in instalments - even small amounts, on a regular basis.

Answered on 12/04/11, 8:05 pm

0 users found helpful

0 attorneys agreed

in case you stop him for 3 years, his debt would be barred by the law of limitation. better hire a lawyer in india to defend the legal action.

Answered on 12/05/11, 12:05 am

Keywords

Match Any Match All

Country

State

Area of Law