Thursday, 21 February 2008

Bankruptcy is a serious menace

In factual terms, bankruptcy is a serious menace to peace of mind for any one becoming its victim. During my role as a Director in Central Board of State Bank of India, I came across a massive number of such cases including a large number from U.K. and U.S.A. State Bank, believe as it does in settling the disputes across the table by negotiations instead of resorting to litigations excepting ofcourse certain hard core cases, had to settle a very big size of disputes successfully giving several relaxations to the borrowers in whose cases I had to take the lead. Surprisingly there are borrowers who directly or indirectly opt to go bankrupt with the hidden agenda that this way they can easily evade the individual pressure of recovery and can conveniently take shelter in normal decision of the courts to decide the repayment schedule in terms of assets and liabilities in a workable proportion. Routine trick on the part of the borrowers is to keep their sizeable level of assets as benaami (assets placed in the names of the family members and others. Peace acquired through tricks and concealment is actually no peace, it is rather more of a cause for tension and demoralisation which no man with even at a minimum required sense of self respect can withstand. Bankers are by and large normally always prone to extend necessary relaxation in the matters of liquidating debts and this should be possible for the borrowers to clear their dues. The tool needed for the purpose is just a desire and a will to liquidate the borrowings.IVA


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