Insolvency Petition suggestion
7 months ago
My father committed suiside 2 years back and we have cleared maximum debts (with settlements) which my father has taken from my fathers property. How ever we have few cases in the local court for the debts that my father has taken. We have only 1 property left under my fathers name. How can i raise IP/ Is raising IP possible ?? Please suggest (Raising IP is not my way... buy situations are forcing me to do it even after clearing maximum debts that my father has taken)
A.Dear client,
Under the Provincial Insolvency Act,1920, you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing of bankruptcy have been met, the Court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the borrower, If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the borrower. In other words, you can get a stay order against further recovery efforts by your creditors. Once your application is admitted, your property vests with the “receiver" appointed by the Court. This official (Receiver) then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the Court. Once this process is completed, you will be “discharged from bankruptcy" by the Court. Reach out to an Advocate for guidance and steps.
Under the Provincial Insolvency Act,1920, you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing of bankruptcy have been met, the Court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the borrower, If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the borrower. In other words, you can get a stay order against further recovery efforts by your creditors. Once your application is admitted, your property vests with the “receiver" appointed by the Court. This official (Receiver) then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the Court. Once this process is completed, you will be “discharged from bankruptcy" by the Court. Reach out to an Advocate for guidance and steps.
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A.Dear client,
An application has to be filed with the adjudicating authority in this regard. The insolvency petition in India has to be accompanied with the following documents: Record of default/ debt. Proof of failure to pay debt within 14 days of notice period.
An application has to be filed with the adjudicating authority in this regard. The insolvency petition in India has to be accompanied with the following documents: Record of default/ debt. Proof of failure to pay debt within 14 days of notice period.
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