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INSOLVENCY - I AM NOT ABLE TO PAY ALL MY DEBT INSOLVENCY - I AM NOT ABLE TO PAY ALL MY DEBT

1 year ago

I AM NOT ABLE TO PAY ALL MY DEBT SO THATS WHY I DECIDE TO FILE INSOLVENCY PETITION SO I WANT TO KNOW THAT IF I FILE INSOLVENCY PETITTION AND THEN SOMEONE FILE CASE AGAINST ME U/S 138 SO WHAT HAPPEN TO ME IS THIS CASE IS VALID OR NOT

Anik

Responded 1 year ago

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A.If the court is satisfied with your insolvency petition, then the court will direct the order to put a stay on all your assets and no order can be passed in that matter.
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Vidhi Samaadhaan Vidhi Samaadhaan

Subhashis Paul

Responded 1 year ago

A.If the Learned Court accepts your insolvency petition, then the said court will pass an order directing that all the proceedings relating to the said person or his movable & immovable assets, should be stayed and no further order shall be passed in respect of those ongoing cases.
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