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What are the Bankruptcy laws in India
24-Dec-2023 (In Civil Law)
I am under heavy debt but due to some serious health issues I had to quit my job and have not been working for last several months. I have drained out all my reserves and am in no position to pay the loan installments. I was checking on the possibility of declaring bankruptcy through court. Wanted to know if a non business person can declare a bankruptcy?
In India, there are two statutes dealing with personal insolvency (including proprietorships and partnerships). One is Presidency Towns Insolvency Act, 1909, applicable to the erstwhile presidency towns of Bombay, Calcutta and Madras. The other one is Provincial Insolvency Act, 1920, applicable to the rest of India. The district court has the jurisdiction to try cases pertaining to insolvency under the Act. When an order of insolvency is passed, all personal properties of the individual are vested in the Official Assignee appointed by the government of India, who then realizes it and allocates it among the creditors of the insolvent. An insolvent person is barred from enjoying several civil rights. Further, criminal proceedings can also be initiated against the insolvent.
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Adv. Lalit Kumar Sharma
Delhi | 100+ Answers
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Yeah we can go through of your problem while you come to meet. Kindly come to meet to get benefit in consideration.
...meeting is necessary to know full facts of the case. So you we will help you.
...meeting is necessary to know full facts of the case. So you we will help you.
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Adv. Deepak Rathore
Delhi | 100+ Answers
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Bankruptcy is a concept not usually attributable to individuals in India. Having said that, yes India does have a Bankruptcy law being the Provincial Insolvency Act, 1920 under which an individual can file a petition for being declared Bankrupt.
Therefore, in case you want to avail this option, you can consider filing a petition under the afore mentioned act.
Hope the above is helpful.
Therefore, in case you want to avail this option, you can consider filing a petition under the afore mentioned act.
Hope the above is helpful.
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Adv. Tushar A John
Delhi | 25+ Answers
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as per your query,there is provision that a non business person can be declared as a bankruptcy through court, and the circumstances which You have mentioned is the sufficient ground. You may consult me for further assistance.
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Adv. Ajeet Kumar Gupta
Delhi | 25+ Answers
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