I have debts of 50 Lakhs
8 months ago
Hi, I have debts of 50 Lakhs which I invested in day trading and lost them completely. I would like to now file an Insolvency Petition in order to gain some additional time in repaying the debts. When I consulted a local nearby lawyer, he insisted on the list of people who I owe to and their addresses. My question is if a physical address is mandatory for filing an IP? Because most of the people that gave me money are my (ex) colleagues and some of them are from US/Europe. I do not have their physical address. Please advice on the best way to proceed in this case and also the expenses that I might need to incur.
A.Dear Client,
I would like to inform you that for filing an insolvency petition (IP) in India, it is generally required to provide the name and address of the creditors to whom you owe the debts. This information is crucial for the proceedings as it allows for proper notification to the creditors and enables the insolvency resolution process to take place.
While physical addresses are preferred, it is possible to provide alternative contact details such as email addresses and phone numbers if you don't have the physical addresses of your creditors. However, it is important to try and obtain the most accurate and up-to-date information regarding your creditors to ensure proper notification.
In terms of the expenses associated with filing an insolvency petition, it would depend on various factors such as the complexity of your case, the fees charged by the lawyer you engage, and any additional costs involved in the insolvency resolution process. It is advisable to consult with an attorney who specializes in insolvency law to understand the specific expenses you may incur in your case.
I would strongly recommend seeking professional legal advice before proceeding with an insolvency petition. An attorney specializing in insolvency law can guide you through the process and help you understand the implications, requirements, and potential consequences of filing for insolvency. They can also assist you in obtaining the necessary information about your creditors and ensure that the filing is done correctly and in compliance with the relevant laws and procedures.
Thank you.
I would like to inform you that for filing an insolvency petition (IP) in India, it is generally required to provide the name and address of the creditors to whom you owe the debts. This information is crucial for the proceedings as it allows for proper notification to the creditors and enables the insolvency resolution process to take place.
While physical addresses are preferred, it is possible to provide alternative contact details such as email addresses and phone numbers if you don't have the physical addresses of your creditors. However, it is important to try and obtain the most accurate and up-to-date information regarding your creditors to ensure proper notification.
In terms of the expenses associated with filing an insolvency petition, it would depend on various factors such as the complexity of your case, the fees charged by the lawyer you engage, and any additional costs involved in the insolvency resolution process. It is advisable to consult with an attorney who specializes in insolvency law to understand the specific expenses you may incur in your case.
I would strongly recommend seeking professional legal advice before proceeding with an insolvency petition. An attorney specializing in insolvency law can guide you through the process and help you understand the implications, requirements, and potential consequences of filing for insolvency. They can also assist you in obtaining the necessary information about your creditors and ensure that the filing is done correctly and in compliance with the relevant laws and procedures.
Thank you.
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