(Guest)

Urgent help required :insolvency and cheque bounce

DEAR SIR MY FATHER WAS RUNNING A BUSINESS FOR MANY YEARS AND HAD ALSO TAKEN LOANS FROM VARIOUS PEOPLE MOSTLY IN CASH IN LAKHS OF RUPEES WHICH WAS THEIR BLACK MONEY THEY INVESTED AT INTEREST AND HE HAD ISSUED THEM CHEQUES UNDATED AS SECURITY AND THESE CREDITORS ARE NO WHERE RECORDED IN BOOKS OF ACCOUNTS....NOW WE HAVE SUFFERED HUGE LOSSES SOLD ALL OUR PROPERTY TO CLEAR BANK LOANS AND A FEW CREDITORS...AND DONT HAVE MONEY TO REPAY ALL THE CREDITORS ....NOW HOW CAN WE PROTECT OURSELF AS THEY HAVE CHEQUES WITH THEM.... CAN WE FILE AN INSOLVENCY PETITION.... PLEASE HELP

Reply Follow

5 Replies

R.Ramachandran (Advocate) 05 January 2018

Your father can definitely explore the possibility of filing insolvency petition. For filing this petition several conditions need to be satisfied.

Therefore, you have to consult a lawyer with all the details.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 05 January 2018

An individual can file an insolvency petition if he/she is unable to pay his/her debts on fulfillment of any of the following three conditions:

Debts amount to more than Rs.500
Individual is under arrest or imprisonment in execution of a money decree
There is an subsisting order of attachment against his/her property in execution of such decree