Insolvency petition
lakshmi savithri
(Querist) 18 February 2013
This query is : Resolved
HELLLO SIR/MAM
MY FRIEND RAGINI IS IN A BIG PROBLEM i.e., HER BROTHER AND MOTHER HAD A HUGE AMOUNTS OF DEBTS AROUND 40 LAKHS ... AND THEIR PROPERTIES WOULD BE AROUND 20 LAKHS ..THEY HAD PAID LOTS OF INTEREST ...NOW THEIR FAMILY CANNOT REPAY THE MONEY AS THERE IS NO SOURCE OF INCOME...AND ALSO THEY TOOK MONEY FROM DHADAS ..SO ITS REALLY A HELL FOR THEIR FAMILY ..I AM ADVICING THEM TO APPLY FOR INSOLVENCY PETITION ATLEAST FOR TEMPORARILY DISCHARGING THEIR TENSIONS...IS THAT WOULD BE HELPFUL FOR THEIR FAMILY???WHAT ARE THE DISADVANTAGES FOR FILING INSOLVENCY PETITION LET ME KNOW PLEASE ??
Khaleel Ahmed Mohammed
(Expert) 18 February 2013
I don't agree with your opinion of filing IP by your frien's father and mother. Let their creditors file IP.
ajay sethi
(Expert) 18 February 2013
if your friend is unable to pay its debts let creditors file insolvency proceedings .
Raj Kumar Makkad
(Expert) 19 February 2013
I slightly differ with the opinionof both the experts not on legal grounds but on practical aspects.
If her brother go for insolvency then it may save him and her mother from the rath of creditors and especially goons otherwise they shall harass and humiliate them till last end without going to court.
Sudhir Kumar, Advocate
(Expert) 21 February 2013
Agreed with Mr Raj Kumar Makkar. When filed insolvency one is saved with bare necessities of life. Some of the debts may not be legally enforceable and such creditors get nothing in insolvency of the debtor.
Sudhir Kumar, Advocate
(Expert) 21 February 2013
But beware, if any family member is in Govt (or PSU) job then insolvency is the ground for removing him from service.
