633+ Lawyers are online 
Can I file Insolvency Petition in court
14-Aug-2023 (In Banking / Finance Law)
Sir,I have a huge businees loss in this 1 year and even bank has auctioned my property with very low price.Now Bank is saying they will file money suit on me for balance amount. Even i do not have any other options to repay to my debitors and bank now. Please advice me is it psooible for me to file Insolvency petition in court.Please advice me coz really iam mentally very much disturbed and i do not know what to do.... Even two parties have filed cheque case on me...
Hi,
As an individual you are eligible to file Insolvency Petition under the Insolvency and Bankruptcy Code, 2016 but you should not have any means including any assets in your name. The private individuals can file the same in jurisdictional DRT.
Helpful?
23+
23+
Adv. Shobhan M P
Chennai | 5+ Answers
CONTACT NOW
If anyone's liabilities exceed his assets on any day, he can file for bankruptcy. In the circumstances stated by you, it is better to file a petition for insolvency at the proper court without further delay.
Helpful?
12+
12+
Adv. Swaminathan Neelakantan
Coimbatore | 700+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
