Reg bankruptcy clause

Payal (Querist) 30 August 2015 This query is : Resolved
Hello,
Does India have any bankruptcy clause as its there in USA which you can report to any authority and safeguards one from legal/banks harrasment etc..

thanks
payal

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malipeddi jaggarao (Expert) 31 August 2015
In India instead of bankruptcy, the term Insolvency is used. Insolvency is a term used for both companies and individuals. As an individual, it’s more popularly known as Bankruptcy, but for a company it’s known as Corporate Insolvency. Different terminology and more importantly, different rules. Go through the Insolvency Act to find reply. Query appears to be academic.

SAINATH DEVALLA (Expert) 31 August 2015
Rightly adviced by Shri Rao.

Payal (Querist) 31 August 2015
Thanks,
1. for individual - how do u declare insolvency/bankruptcy?

and for a pvt. ltd. company is it through winding up as per company's act ?

SAINATH DEVALLA (Expert) 31 August 2015
Payalji,

If ur query is for academic purposes, a chartered accountant would be helpful.

Payal (Querist) 31 August 2015
this is not for academic, but real scenario. exploring options. will check with CA as well

malipeddi jaggarao (Expert) 31 August 2015
Down load Insolvency Act from Net and study the same. It answer your queries before you initiate the matter with CA.

Rajendra K Goyal (Expert) 02 September 2015
Read insolvency act / consult local lawyer to file petition to declare insolvent.

T. Kalaiselvan, Advocate (Expert) 05 September 2015
Bankruptcy or insolvency, the perusal of the act will define the meaning to enable you to pursue the matter.

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