Insolvency

Querist : Anonymous (Querist) 24 December 2009 This query is : Resolved
A creditor filed an Insolvency Petition for the relief of declaraing a debtor as insolvent and the registered sale deed executed by him is liable to be set aside. The said Petition was allowed, The creditor did not file any civil suit for recovery the debt due under a promissory note which was time barred. The possession of the said property is still with alienee of the debtor. All the other Creditors recovery rights were also time barred. What are the legal rights available to the debtor over the said property.

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Raj Kumar Makkad (Expert) 25 December 2009
He can very well take his property in his possession by making a suit before civil court to declare him solvent and set aside its earlier order declaring him insolvent.

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