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Sir, I have a huge debt of over ₹2 crore, and I have no assets or money to repay it. The loans are from private lenders who are now threatening to file a case under Section 138 (cheque bounce). I’m under a lot of pressure. What can I do legally?
You can file for personal insolvency under the Insolvency and Bankruptcy Code if you have no means to repay. Section 138 is applicable only if cheques were issued and bounced. If no cheques were issued, it won’t apply. Consult a lawyer for insolvency filing, it may stop further harassment and protect you legally. For further legal assistance contact us on our helpline number.