In huge loan but I have no money
I am bhavesh from vasai, i have 4cr of loan and now i dont have anything to pay that loan. i am earning 15000 per day = 20 days = 300000 per month from stock mkt and giving principal return to everyone from whom i took the personal loan. but all people are harassing me and hitting me and give me life threat, i dont know what to do now? frustrated and want to surrendr myself to police. what to do ? please help urgently. feeling to do suicide...
Asked 4 years ago in Criminal Law from Vasai, Maharashtra
Ur income is healthy ,though not commensurate with the magnitude of loan u have taken, try to convince those money lenders that it will take some time to re pay the loan, if instead u face the hit of them, ask police to provide security.
Those persons who have lent money to you can only recover the same by due process of law. They cannot take law into their hands. If you have been assaulted or given a threat to your life, you can approach the jurisdictional police and lodge complaint against the concerned.
1. If you have such meager income then it was your fault to borrow such huge amount of money.
2. Now since you are no way in a position to repay the loan the only option for you for your safety is to file a suit of insolvency.
3. In this proceeding for adjudging you an insolvent , you have declare whatever assets you have left for your disposal.
4. At the end of trial if you are adjudged an insolvent then your left over property will be distributed amount your creditors as per their preferential status.