(Querist) 06 July 2008
This query is : Resolved
insolvency is possible in my case all fact i already tell u sir.About insolvency/bankruptcy as I consulted with some lawyers in Delhi.
I think there is some confusion, I do not have any shares as assets secondly about filing my insolvency, I had consulted with some lawyers in Delhi and as per them I am not eligible for it.
They have said that wherever there is public money involved you cannot be an insolvent secondly you should also have a debtor .In my case I only have creditors which are MNC Banks.
Sir kindly advice if you can help in filing insolvency then I can meet you personally and can also do the needful in terms of your charges.
anantha krishna n.v. Advocate
(Expert) 12 July 2008
I think you need more moral support than legal support at this juncture.
I recommend the following course of action to you:
1. jot down the entire liabilities you have.
2. work out the assets you have, if any.
3. think of long term borowings from friends and releatives.
4. sort out the liabilities which are pressing and with court cases and the less priority ones.
5. approach the creditors for any possible discount/rephasemetn of repayment schedule.
6. be honest in expressing your inability to repay right away explaining your loss in the stock market and also high light the honest repayment committment you exhibited earlier when you were in greens in stock market.
7. IF filing IP is the only solution, better go to an advocate with the above data and get to paper work. because, without factual data in greater detail, it would be incorrect to advice the course of action.
8. consult your family members and take them into confidence.
9. do not lose your heart.
10. REMEMBER, THERE IS ALWAYS A BRIGHTER DAY TOMORROW.
anantha krishna n.v. (Advocate AP High Court, Hyderabad, 9246531895)