Insolvency on the basis of , provincial Act 1920
1 year ago
I (male 56 rears) i wanted to go declare insolvent ( i am an individual ) as I could not able to pay my EMI on the basis of the provincial Act 1920. i have multiple debts (ALL FROM BANKS & NBFCs) and i have property too. at present liquidation is not possible, and I cannot bear pressure from my creditors. hence, I wanted to file an application for insolvency. please advise. in my case, i can apply before a district civil court? kindly advice
A.Dear Client,
An insolvency petition is filed at a district court having jurisdiction in which the debtor resides or carries on business. If the debtor has already been arrested or imprisoned, then the insolvency petition can be filed where he/she is in custody.
An insolvency petition is filed at a district court having jurisdiction in which the debtor resides or carries on business. If the debtor has already been arrested or imprisoned, then the insolvency petition can be filed where he/she is in custody.
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