Unable To Pay Loans | Vkeel - Free Legal Advice

Ajit Lakhotia

Mumbai

i have taken unsecured business loans from 15 banks to the tune of 2 crores but due to slow market conditions i am unable to pay the same from last 9 months, now banks have started to initiate legal proceedings against me.i dont have any funds for settlement,should i file for bankruptcy and insolvency

Expert's Answers(4)

Advocate Rajnish Singh Bagware
Bhopal, Madhya Pradesh

No Remedy You can pay Bank loan, Otherwise,

July 11, 2017
Navi Mumbai, Maharashtra

you can try by submitting ONE TIME SETTLEMENT by discussing with bankers

July 11, 2017
Advocate Siddhant Rai Sethi
Delhi, Delhi

You can but doing so will have huge implications on your future business prospects. Be careful

July 11, 2017
Advocate R Mayakrishnan
Kochi, Kerala

A person incapable of repaying loans should not take it.

July 11, 2017