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insolvency notice under section 19(2) of provincial insolvency act
22-Jul-2023 (In Property Law)
notice here given under section 19(2) of the provincial insolvency act,that the petitinoner has applied to this court praying to adjudge him/respondent as insolvent and that the said petition stands posted to for hearing
Hi
It looks look one of your borrowers has applied for insolvency and notice has been served by the court on you (the creditor) to provide details of the money so lent by you to the borrower.
so you should appoint a lawyer and submit details and documents pertaining to your loan and also prove that the borrower is not insolvent but abusing the process of court and denying the creditor the repayment of loan.
hope this helps
It looks look one of your borrowers has applied for insolvency and notice has been served by the court on you (the creditor) to provide details of the money so lent by you to the borrower.
so you should appoint a lawyer and submit details and documents pertaining to your loan and also prove that the borrower is not insolvent but abusing the process of court and denying the creditor the repayment of loan.
hope this helps
Helpful?
49+
49+
Adv. Rajagopalan
Hyderabad | 500+ Answers
Chat
HI,
in your case debtor/petitioner applied to the court to adjudge him as insolvent.
court will appoint OFFICIAL RECEIVER in this case and he will liquidate the assets of the
debtor/petitioner and apportion between the creditors according to their debt ratio.
first court will decide whether he will be declared as insolvent or not.
all the respondents and creditors version will be considered by the court and then only
decision will be taken by the court.
in your case debtor/petitioner applied to the court to adjudge him as insolvent.
court will appoint OFFICIAL RECEIVER in this case and he will liquidate the assets of the
debtor/petitioner and apportion between the creditors according to their debt ratio.
first court will decide whether he will be declared as insolvent or not.
all the respondents and creditors version will be considered by the court and then only
decision will be taken by the court.
Helpful?
36+
36+
Adv. Sree K Sivakumar
Hyderabad | 100+ Answers
CONTACT NOW
19. Admission of petition (1) When an insolvency complaint is accepted, the Court will issue an order establishing a hearing date. (2) The order made under sub-section(1) shall be communicated to creditors as prescribed.
Helpful?
Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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