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SHIVA Lord   02 June 2020

INSOLVENCY PETITION

Dear Sir/ Madam

I am totally zero now & total loss bcoz of business & daily interests paid to pay my creditors , some of them taken fourble sum of capitals in the name of interests but still they are blackmaining to pay credits now I am unable to pay any chance may I know the process and how much court fees for IP is there any kind of process like based on total amount or number of individuals are there please do the needfull.


Learning

 6 Replies

Nihal Thareja   02 June 2020

Hello sir,

The solution to your query can be found under this article https://www.lawyersclubindia.com/articles/the-corporate-insolvency-procedure-in-india-9359.asp providing a detailed procedure to initiate insolvency proceedings.

Hope this helps!

 

SHIRISH PAWAR, 7738990900 (Advocate)     02 June 2020

Hello,

The court fees for insolvency proceedings is nominal and in any case it may not exceed 7500. You have to appoint advocate to file and conduct proceedings in NCLT.

1 Like

SHIVA Lord   02 June 2020

Dear Shirish pawar sir
7500 for one member or total no of creditors or total sum of capital

P. Venu (Advocate)     03 June 2020

Court fees varies from State to State.

G.L.N. Prasad (Retired employee.)     03 June 2020

It is beyond personal capabilities to file such IP with proper precautions.  Entrust this to a professional advocate locally.


(Guest)
Is your business totally under debt ?
can your business payoff the credits if goes into liquidation ?
need to see various angles while going for winding up/liquidation.
You want to file your company's insolvency or personal insolvency, although IBC Voluntary individual insolvency provision are not notified as of now.
mail your exact query.

Regards
mishrasatyam6804@gmail.com

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