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Procedure to file insolvency petition, please advise
27-Jan-2023 (In Civil Law)
I filled insolvency petition in Tirupathi add civilian court in the year 2009 and showing my property to sell and distribute the money ,the above property was marteged to State bank of India for working capital loan in the year 2007 ,the bank sold that property in public action , they recovered thier amount and the balance was deposited in bank in my company name ,The IP case was not allowed and dismissed in December 2016 saying you have not submitted income tax retunes now in the bank thier is deposite of 63 lacks , so I wanted to go for Apple in hire court which court I will go ,there is any court fee to be paid ,but I don't have any amount or property in my hand so advised me how to proceed in this matter
you have to pay the fee as such paid in lower court that is Rs 10-00 and there will be no charges for official receiver which is already paid by you at the lower court at the time of numbering of IP so you can file an appeal by affixing a court fee of 10/-
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Adv. Innamuri Balasubramanyam
Rajahmundry | 500+ Answers
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File revision before hon'ble high Court within the limitation the court fee should be nominal. In this query you have not stated whether it is creditors IP or debtor IP what is the amount for insolvency.
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Adv. Konakanchi Srinivasa Rao
Vijayawada | 25+ Answers
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Hi
You should file for an appeal in the district court against the order of the Addl. Civil Judge.
it is true that on the date of filing you did not have any money and the sale proceeds have been remitted in the name of the company and the company is liable to pay the dues from the excess sale proceeds.
the courts have failed to take cognizance of the fact that company and individuals are 2 different entities and hence the balance of one entity will not affect the Insolvency of other.
You should file for an appeal in the district court against the order of the Addl. Civil Judge.
it is true that on the date of filing you did not have any money and the sale proceeds have been remitted in the name of the company and the company is liable to pay the dues from the excess sale proceeds.
the courts have failed to take cognizance of the fact that company and individuals are 2 different entities and hence the balance of one entity will not affect the Insolvency of other.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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