Insolvency petition

Querist : Anonymous (Querist) 17 August 2017 This query is : Resolved
My relative is running chit finds locally and not registered and unable to repay the money totalling over 30 lakhs. He gave as loan to others and they are not paying now. He doesn't have property on his name. But his sons have properties. Can he file insolvency petition. Whether he can be convicted.

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R.K Nanda (Expert) 17 August 2017
no reply to anonymous query.

Rajendra K Goyal (Expert) 17 August 2017
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