Insolvencey petition
pushpakrishna
(Querist) 19 October 2013
This query is : Resolved
Dear Experts,
A person was doing business and filed an insolvency petition for Rs.1,10,00,000/-showing various Creditors in the court of law and the court has given number and sent the notices to the creditors.But he did not shown any properties liquid or fixed assets nor any cash balances nor any debtors in his IP.even he did not filed any Books of Accounts.we can contest the matter and defeat the case. in the mean time limitation effects the creditors to file cases against him. Hence i request you all can we challenge the petition in the High Court to cancel the IP.or is it better to file civil cases against him for recovery of the amount by the creditors.Kindly advice in this regard.Thanq.
Devajyoti Barman
(Expert) 19 October 2013
Creditors can file the case for recovery anyway especially when the insolvency court has not passed any injunction.
A t the time of filing the case those documents need not be filed. Those are required at the time of trial only.
prabhakar singh
(Expert) 20 October 2013
You can not file writ.
You need to contest insolvency petition itself.
Rajendra K Goyal
(Expert) 23 October 2013
Civil case can be filed, but till you have solid proofs of Assets and property,what would be benefit.
You can contest the case of insolvency petition.
