Insolvency petition
pushpakrishna
(Querist) 26 July 2014
This query is : Resolved
Dear Experts,
now a days many people trying to evade the payments to the CREDITORS by filing an Insolvency petition in the Court of law. one of my customer filed an I.P before the Court he has to pay me Rs.1,00,000/- of course showing Rs.One crore to all the creditors and i am one of them.but he mentioned in his IP that i was doing business and incurred loss and i was not able to pay my creditors hence declare me as INSOLVENT.but i wonder he did not shown any list of his debtors and not given any books of accounts or any movable or immovable assets list.it is clearly every body knows that he wants to cheat his creditors.my question is cant we file a cheating case against him or we cant do file any petition before the appellate court to quash the IP.any how we can contest the IP matter before the Court.hence i request you all kindly give me the suitable advice in this regard to curtail this type of petitions in the best interest of the public at large.Thank you sir.
malipeddi jaggarao
(Expert) 27 July 2014
Contest the IP and bring these facts before the Court through an advocate.
pushpakrishna
(Querist) 28 July 2014
Dear experts,
Thank you very much for your valuable reply.
of course definitely i can contest the matter before the court bringing the facts.But In the mean time CANT we file a cheating case against him for filing such petitions to cheat the creditors ?hoping for a positive advice in this regard .Thank you sir in advace.
malipeddi jaggarao
(Expert) 28 July 2014
Cheating is not effective. Unless if you suffer by the act of cheating where is the cause of action? This point also you can bring before the court while contesting the insolvency petition.
Phani Kumar. D
(Expert) 28 July 2014
If Insolvency Petition is dismissed you can file suit for recovery.
T. Kalaiselvan, Advocate
(Expert) 29 July 2014
Cheating cannot be proved in this case because he is claiming insolvency meaning thereby he is ready to settle the debts but he has no source to do it, if you can prove his petition as false and get it dismissed, go ahead.
V R SHROFF
(Expert) 29 July 2014
OBJECT IP.
PROVE, IT WAS A PREPLAN TO CHEAT, AND LODGE 420 POLICE COMP
pushpakrishna
(Querist) 08 August 2014
Dear Expert,
Now a days at my place many IP petitions are filing but as per as my knowledge is concerned no body has been declared insolvent at my place.but i think for the limitation point they are filing and once they felt that limitation is over they never turn up to the court and the court will dismiss the petition for dismiss for default.but genuine creditors loosing their money.can we file a suit for recovery of the amount while pending the Insolvency petition if there is no stay or proceedings of the court? kindly advice on this with details.thank you sir in advance.
