Dear friends,
I am planning to file insolvency petition .
I have no property in my name except an account balance of INR 1 lakh in bank.
Also i have heard that 3 months is the time limit from filing insolvency petition where court can make transactions void and can pass order in favour of the person who files civil suit.
My query is if i withdraw my balance amount from bank thru atm or branch can the court term this act as fraudalent ? I can easily say that i had withdrawn that money for having some personal use. like for eating food, or on travelling etc.
Need your opinion please... i need to withdraw this amount somehow and don't want to be given away to persons who start civil suit.
Thanks in advance.
