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Unable to meet commitments due to loan in excess of revenue


27-Sep-2026 (In Recovery Law)
Dear Sir / Madam, I am residing at Madipakkam, Chennai. My monthly Salary is 1,80,000.00 and my overal EMI is 2,59,000.00. Apart from the above loans, I have Pay day loans too. So, my situation is out of control and looking for a resolution plan from court. I am an individual, Salaried person. Can I proceed with filing with an insolvency petition either under the act "The Provincial Insolvency Act, 1920" or Presidency-Towns Insolvency Act, 1909. If it possible - under which jurisd?
Answers (1)

Answer #1
646 votes
Bank EMI loans or any other platform loans if it is Bank loans have a option to settle before Lok Adalat and DRT . if it is a secured loan have option of settlement and auction procedure. So tell me exactly what it is and contact me via app
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Advocate Udhaya Bharathi S

Adv. Udhaya Bharathi S

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