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Can I Declare Personal Insolvancy
20-Jan-2023 (In Bankruptcy / Insolvency Law)
I was director of pvt ltd company. Company took various unscured & secured loans. Now company is NPA & do not hv any business. Banks are putting cases with 138.can i declare personal insolvancy and save myself by going to jail. ( i do not hv any asset on my name )
you can get yourself declared as an insolvent by filing a petition in Bombay High Court. however even if you were the director in the company which is a declared NPA, you are still liable to pay off the debts to financial institutions.
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Adv. Garima Anil Mehrotra
Mumbai | 700+ Answers
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yes for this you can aporch to jurisdiction NCLT ,make an application as per the procedure prescribed under IBC,but 138 is a criminal liability so you can't free from the charges ,
you can declare yourself insolvent but it's to much difficult to proof it
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Adv. Manindra Pandey
Mumbai | 100+ Answers
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Taking into consideration the given facts and the queries you have posted .
there are various aspects for insolvency law for a company as well as individual. one has to look into various loans which are one has to look into various loans which are taken by the company as well as guarantor of the said loan one can ascertain legal action.
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Adv. Harshad Rathod
Pune | 5+ Answers
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