What is the legal procedure to declare myself as insolvent


I was running a hotel business for the past five years. I have lost more than a crore. I have borrowed loan from pvt financiers and car and credit card loans from Hdfc bank and housing loan from SHFL. SHFL housing loan got NPA. Now I’m popper. The pvt financiers have threatened me and my family. My children are studying in fourth & fifth standard, I quit Chennai with my children education just Because of the pvt financiers threatening.Can I declare Insolvent? What is the legal procedure? Plz explain

Answers (1)


121 votes

In the light of the facts stated, you have to consult your local lawyer and arrange to file an application under the relevant provisions of the Insolvency Act. After filing the application, you may send copies to all your creditors.


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