What immediate action to be taken on receipt of insolvency notice from the debtor?
ajaya kumar tata
(Querist) 27 October 2011
This query is : Resolved
My mother aged of about 48 years gave money to a person on promissory note. Now the person who received the amount passed an Insolvency notice under section 19 (2) of the provincial insolvency act. My mother is 4th respondent out of 44 respondents. In this notice the hearing date posted is 24-10-2011 and received on 25-10-2011. When we went to the court on 25-10-2011 they said that the case is called for on 28-10-2011.
My query is, what must be done on receipt of the above cited notice?
Devajyoti Barman
(Expert) 27 October 2011
You have to contrst the case by filing WO. Engage a lawyer if you are not.
ajay sethi
(Expert) 27 October 2011
you have to engage a lawyer to fight the case . does the debotr have enough assets to meet his debts . if debtor does not have enough assets to meet his liabilities then he can be declared insolvent
Khaleel Ahmed Mohammed
(Expert) 27 October 2011
Contest the case and oppose the petitioners prayer.It is advised to take the services of your local experienced lawyer in this matter.
prabhakar singh
(Expert) 27 October 2011
Contesting the petition is only option before your mother .she should engage a competent lawyer preferably having contested or conducted insolvency petitions.
ajaya kumar tata
(Querist) 28 October 2011
Thank you all experts for immediate reply. I have another doubt whether we must contest on the hearing date or on any other date. If it is the case in how many days we can contest from the receipt of the above cited notice. Please let me know the time period for contest.
ajay sethi
(Expert) 28 October 2011
engage a lawyer now if you want to contest . he must file his appearance on the next date of hearing
M V Gupta
(Expert) 28 October 2011
If you are having information that the debtor has enough assets/properties to discharge all his debts, then you should contest the IP filed by the debtor. For this purpose you should engage the services of an Advocate as you may not be knowing the various procedures to be followed.Your contest or defense can be filed as early as possible but within one month from the date of service of summons or such extended time granted by the Court.
Sailesh Kumar Shah
(Expert) 30 October 2011
engagement of lawyer would be best. He will do needful for you.
