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Insolvency Bankruptcy Filing Opinion
21-Oct-2023 (In Civil Law)
Can a Insolvency be Filed For Personal Loan Default Of Rs10 Lakhs due to non repayment of current dues since last 6months
Hi. Sorry to hear about your issue. We will definitely be able to help you with this matter.
Yes. Insolvency proceedings can be filed in such cases.
Provided you are proved bankrupt in such case and then monies will be paid to parties.
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default if has occured during the announcement of the pandemic in the country you will not be able to file any new petitions.. however if your default is prior to announcement of the pandemic then you are eligible to file the petition in the national company law tribunal.
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Adv. Garima Anil Mehrotra
Mumbai | 700+ Answers
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No you can't file IBC proceeding against any party if claim amount is less then 1 cr but you have option to file commercial suit before the civil court , as per the new guidelines provided by the ministry of finance then no party should be file any insolvency proceeding for 1 yr if amount is less then 1 cr
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Adv. Manindra Pandey
Mumbai | 100+ Answers
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