I am running a small IT developement Properitorship firm, in the year 2009 I availed a Unsecured Loan from a Private investor for 6 Lakh to take care on a ongoing developement project, Unfortunately the said project was delayed and my firm lost a huge amount in the developement and since then it could not come out of the losses , I had to shelf out my assets to pay-off my team, while my abovesaid Unsecured loan with the interest could not be paid due to unavailability of funds. The Private Investor has filled a Civil Suit of Recovery in the Local Court, As I could not afford to a experienced lawyer, I seeked the services of a advocate who is my friend's friend and as such assured of reasonable charges which suited me as I had / have no money to re-pay the dues, but just some one to defend me to seek a time to re-pay the unsecured loan, as the civil court is in verge of prononcement of a civil suit of recovery against me, and my advocate is not able to answer my following queries and address my Concern's , If You could kindly help me out to have a frank and able information, I would be really very greatful :-
1) As I do not have any property nor in-movable assets : Office & Home being rented place, while my business being of Knowlege & IT related my assets being very notional except of having a few old systems and old furniture - In case of the Civil Suit of recovery - would the Rented premises be sealed or attached, also what about the old systems- my laptop, some PC's and a server - which totally are not more than One Lakh of Value. While I have a few goods at my rented home - can they attach the belongings and goods.
2) My Bank balance - Company's and personel which has less than 50 thousand amount - will the same be attached.
3) My biggest worry and nightmare is - Can the Court put me behind the bars for not able to Re-pay nor for not be able to recover the amount ( Please note that I have not given the Investors any PDC's nor any signed financial instruments - hundies against the unsecured loan )
I am despaired and seek your frank and valued information and the probable proceeds which would happen in my case. Earnestly looking forward for your advise Sir's.
Thanking you in advance, with best regards