Provincial Insolvancy Act

Alluri Sivaji Raju (Querist) 20 June 2008 This query is : Resolved
Hi friends! in a pending creditor Insolvancy petition the Respondent / Debtor sold his another property which was not shown in the schedule of the pending petition, without taking any consideration only with a view to defrauding the creditors. The said sale transaction is within the limitation to set a side the sale transaction i.e.90 days. The petitioner / Creditor neither filed another creditor I.P. nor filed a petitioner for add the recently sold property schedule by amending the pending petition. Please advice. What type of remedy the Petitioner / Creditor have for set aside the sale deed which was executed recentsly by the Respondent/Debtor.

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Srinivas.B.S.S.T (Expert) 24 June 2008
He can file a petition to add the slod property to the schedule along with a petition to set aside the sale.

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