Insolvency petition

Govindarajan (Querist) 26 April 2017 This query is : Resolved
Who can file Insolvency i.e whether an Individual can file insolveny petiton , if yes what is the procedure , cost and time involved . Experts please advise

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Guest (Expert) 26 April 2017
Insolvency Petition could be filed by Individual or Firms Or Pvt.Ltd Or Public ltd Cos Or any Institution or Organisation etc. Once the IP is filed with all details of Creditors or Debtors and Property or Assets etc,the Official Assignee would be appointed by Court for assessment and investigation.Property or Assets if any and Bank balances and accounts would be attached by the Court.Your Good Senior Advocate of your place could implement it in 3 months.

Rajendra K Goyal (Expert) 26 April 2017
Academic query.

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Looks like examination question.