Menu
keyboard_backspace

Q. Unable to repay debts

Placeholder image

Anonymous

posted 3 weeks ago

Q.Unable to repay debts
Hello Everyone,

If someone have debts in which they have huge debts where they lost money from gambling can they still file a Insolvency Petetion, he is still having a good job but the amount to repay is exceeding his earnings. So kindly suggest a solution for this.

The loan intrest was too high not able to decide in this situtation

Please do not provide your contact details here. We share your contact details on demand from the client.

Your Registration is Incomplete. Please Complete the Registration

Sorry, Your Profile is not activated.

Sorry, You can't respond to the Question as your account has been blocked.

Response is Required

Response should be with in 4294967295 characters

~ and ` characters are not allowed

Symbols are not allowed (Excluding #)

# Symbols is required

Mrighankhi Chakraborty

Experience: 1 Year(s)

Responded 2 weeks ago

View All Answers

A. ) Hello client,

1.How to File Insolvency Petition :-

An individual can file an insolvency petition if he/she is unable to pay his/her debts and needs protection from creditors. Filing of insolvency is governed by the Provisional Insolvency Act of 1920 and in this article, we look at the procedure for filing insolvency petition in India.

2.Conditions to file insolvency petition:-

Debts amount to more than Rs.500
Individual is under arrest or imprisonment in execution of a money decree
There is an subsisting order of attachment against his/her property in execution of such decree

3.When Insolvency Petition can be Filed by Creditor:-

A creditor can file an insolvency petition under the following conditions:

Total amount of debt due to the creditor is more than Rs.500
The debt is already due or at a future date
Insolvency petition has been filed within three months of the commission of act of insolvency

4.Where Insolvency Petition can be Filed:-

Insolvency petition can be 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. Once an insolvency petition is filed, the Court can appoint an interim receiver after presentation of the insolvency petition or before an order is made. On making an order of adjudication, the property of an insolvent individual would vest with the official assignee or the receiver and becomes divisible among the creditors.

Reply is Required

Reply should be less than 4294967295 characters.

Helpful
Helpful
Share

Manjula Shanmugasundaram

Experience: 18 Year(s)

Responded 3 weeks ago

View All Answers

A. ) Yes, insolvency can be filed. Only thing is, the person should be first made aware of the consequences of insolvency.

Reply is Required

Reply should be less than 4294967295 characters.

Helpful
Helpful
Share
Talk to a Lawyer
Post Your Matter
Request Callback
Contact Us