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If I declare myself bankrupt do I have to pay loan
25-Nov-2023 (In Recovery Law)
I have brought a apartment , 1.5 years ago, in electronic city bangalore. The property costed me 60L and i paid 16L out of pocket and rest as a loan.The builder has shown me a document signed by tasildhar, stating the property is not occupying rajaskaluve. Now i have got a notice to evict the apartment and demolish it by 11/12/2016. We are planning to approach the courts regarding the same, but meanwhile if i lose my apartment, can i stop paying the loan and claim bankruptcy. I don't have any other assets apart from a car which is also under loan. I earn 2L per month (before taxes) would that be considered as a property, and would i be liable to pay the loan. please suggest.
You are not bankrupt. You are employed and earning a huge salary. Moreover, you cannot declare yourself as bankrupt. It has to be declared by a competent city civil court after trial. You are at liberty to claim money from the vendor who has executed a sale deed with a clause that he would bear the expenses of setting right ownership if it lands in dispute (see the sale deed with you). If it is on rajakaluve, you would not get any compensation but that does not lead you to bankruptcy. Even if you are bankrupt, which is not the case with you, you have the capacity to repay the loan.
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Raghavendra Rao B.K.
Bangalore | 200+ Answers
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Dear Sir,
This is fraud/forgery by Builder and the government servants those who approved property. You can initiate an legal action against them. I am questioning the way bank verified the property. You can apply in court for temporary injunction to stay demolish.
This is fraud/forgery by Builder and the government servants those who approved property. You can initiate an legal action against them. I am questioning the way bank verified the property. You can apply in court for temporary injunction to stay demolish.
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