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Q. Individual Bankruptcy

I have personal loan of 3 lakhs and credit card due of 1.5 lakhs. Till May 18, I paid all EMI and Dues on time, but from March 18 I am jobless and unable to pay now. I like to file Individual Bankruptcy. Please let me know how to do and under which section (as of now, after amendment of 2016 of IBT).
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A. Dear client you need to meet recovery officer of the bank, He may grant you some time.
Apart from that you can file complaint under section 243 of Insolvency and Bankruptcy Code, 2016.

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Deepak Bade

Experience: 9 Year(s)

Responded 6 months ago

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A. Contact Vidhikarya for allotting an advocate to file petition before DRT. Alternatively you can speak with the bank to give you some more time or may go for OTS.

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ROBERT D ROZARIO

Experience: 15 Year(s)

Responded 6 months ago

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A. Talk to your bank they will easily get you more time to resolve your financial problems.

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Ashish Dongre

Experience: 12 Year(s)

Responded 6 months ago

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A. Please meet your recovery officer and also you can file under the old act which is Provincial Insolvency Act 1920 or Presidency town Insolvency Act 1920. (Depending on your state)

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Aditi Tuteja

Experience: 2 Year(s)

Responded 6 months ago

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A. By advocate Rameshwor dadhe dear sir you should approach to the your bank and meet to the recovery officer. You should inform all real fact about you

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 6 months ago

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A. Hello there,
In this case you need to meet recovery officer of the bank, He may grant you some time.
Apart from that at the present time you cannot file for Individual Bankruptcy, because the Act of 1920 and 1909 has been repealed under section 243 of Insolvency and Bankruptcy Code, 2016.

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Neeraj Kumar

Experience: 1 Year(s)

Responded 6 months ago

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