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How can a person prove himself to be bankrupt or insolvent
15-Apr-2023 (In Banking / Finance Law)
We have personal loans about 5000000 we are not able to pay intrest so can we file bankruptcy or insolvancy we have no assets gold property vehicle etc... plz..... help us
If you are to declare yourself bankrupt then you will have to file an insolvency petition under the Insolvency Act before the concerned court. You will have to list the details of all your creditors and amounts due to them and state that you are to be declared insolvent by the Court. The court follows regular procedure involving giving of evidence by parties etc. before determining if you are to be declared bankrupt/insolvent or not.
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Adv. Ramakrishnan S.
Bangalore | 100+ Answers
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What is meant by IP in debt?
An Insolvency Practitioner is a person who has been licensed and is authorised to act on behalf of an insolvent company, partnership or individual. Insolvency is the inability to pay debts as they fall due. Regulators monitor IPs work to ensure that they follow the law.
What is the full form of IP loan?
Introduction to Intellectual Property Financing
How do I declare personal insolvency?
Insolvency petitions are filed in the district court that has jurisdiction over where the debtor lives or does business. In the case of a debtor who has been imprisoned or arrested, the insolvency petition may be filed at the place where the person is being held. 25-Feb-2020
What is the process of filing insolvency petition?
The insolvency process begins when the creditor or company (financial, operational or both) submits a CIRP to NCLT. NCLT accepts the petition and passes an order initiating the process. Insolvency commencement dates (ICD) are the date of NCLTs order. 16-May-2023
you may approach an advocate to file insolvency petition and forma pauperis. the court will get rid of your unpayable debts and related harrasments. Yet, the court wont write off the debts created through fraudulent means and breach of trust. Generally there will be criminal liabilities generated by the creditors which you will have to pass through
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Adv. Abhilash Thampuran
Bangalore | 25+ Answers
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