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Planning for IP notices as i have taken 70 lacs debt which i can not
05-Dec-2023 (In Civil Law)
I have taken around 70lacs debt from other individuals which also includes few people from whom i have taken money by saying lies in a desperate situation.
Now i am in huge financial crisis and not in a position to pay back in near future.
pressure is piling up on me in a huge manner from all the people .
Looking forward to hear
Hello. You have right to file IP petition if you don't have any properties on your name and you can mention everything in that petition . If you have properties on your name then they can attach your property and they have right to mortgage your property for attachment. If you have any further doubts contact me.
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Adv. Satyanand
Hyderabad | 100+ Answers
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yes you can proceed with ip if you really unable to pay the amount and if you can prove you got actual losses in the business, you have to mention the list of persons, actual amount loss in the business
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Adv. Arshad Ahmed
Hyderabad | 200+ Answers
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you can file insolvency petition in district court to file insolvency petition there is certain procedure you should not have any property in your name and any bank balance in your name
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Adv. G Ganga Venugopala Krishna
Hyderabad | 200+ Answers
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