Regarding filling for insolvency

If you are not able to repay the loans and defaulted the same, then the bank may sue you for recovery of the debts.

As the  disposal of suit may take at least one year, you will have breathing time, you can manage to gather money to repay the loan by then, if not then the law will take its own course of action as per provisions of law

There are several types of insolvency, including: 1. *Balance Sheet Insolvency*: When an individual's or organization's liabilities exceed their assets. 2. *Cash Flow Insolvency*: When an individual or organization is unable to pay their debts as they become due, even if their assets are greater than their liabilities. Insolvency can lead to various consequences, such as: - Legal action by creditors - Seizure of assets - Bankruptcy In some countries, insolvency proceedings can also lead to a restructuring or reorganization of the individual's or organization's debt, allowing them to recover and continue operating. 

Thank you for your time gentlemen. 

I wish and will try to pay off my debts as soon as I can but my query is what the bank can do when I don't have assets to sell? Does that mean I have to go to jail? Filling for insolvency is sole reason to not being implicated for the same. 

There is, at present, no law inforce that a person could be sent to jail because he is in debt or he is unable to repay the loan. Law only provides for lodging a judgment-debtor in civil prison of he (women are exempted) does not satisfy the decree in spite having the capacity to pay the amount decreed. The expenses for lodging the JD is to be borne by the Decree Holder.