Dear Experts,
In India there have been many cases where farmers who borrowed loan from banks for agriculture and who in turn couldn't be apply to payback the loan, has decided to shift to other jobs or other means where there would be no option but leave agriculture and shift to other metro cities for other job oppurtunities.
My question is whether they could file for bankruptcy petition and escape from the liability? If so why they had resorted to such extreme measure, is this just a lack of awareness problem? OR is there something legal facts am I missing?
I hope you can help me out.
CAclubindia
