i was director of pvt ltd company at pune. company took unsecured loans from various banks. last 2 years company is NPA. hence no interest paid. Now all banks are filing cases under 138.
can i declare personal insolvancy & save myself going to jail???
i hv already lost everything cash / assets everything, so no property is on my name
As a corporate debtor, the company can file insolvency application before NCLT under section 10 of IBC.
As the company have only unsecured loans, operational creditor can file NCLT aplication under section 9 of IBC.
All criminal cases including section 138 will co tinue.
You cannot file personal insolvency application
