Business bankrupcy..individual insolvency
raj manwani
(Querist) 18 April 2012
This query is : Resolved
hello to all experts...
Myself Raj a business man conducting my self properietry firm from the year 1996....I am right now loans having 50 lacs in value...as due to some business losses that is bad debts as well bad management probblems i have lost all my net worth....I do not have any accounting records...and my loans can be bifurcated as follows
10 lacs belongs to trade creditors..having all bilss and documents
10 lacs bank limit secured with fds and stock worth Rs. 2 lacs
30 lacs belongs to indeginious bankers and sahukars having no documentary proof but have raw records and PDCs signed by me and my wife..
My all relatives suggests me to leave the city and become unknown and get setteled with new identity in a new city..
but now I am very fearsome that will my creditors sue agaisnt me in civil court...or will they file a complaint in front of PO...and I just wnated to know all the remedies that are availble with them..
will I can File an Insolvency petition..will court protect me....or I should do that is suggested by my relatives...
please do provide me ur valuable suggessions so thet i can proceed further accordingly...
Its really urgent...
Devajyoti Barman
(Expert) 18 April 2012
Yes you can file a case for insolvency and if you are adjudged as insolvent then you can escape the civil and criminal liability arising out of your debts.
raj manwani
(Querist) 19 April 2012
I just want to get a detailed solution i just want to know the worst that can happen with me....the worst that creditors will do with me please reply
Shonee Kapoor
(Expert) 19 April 2012
What detailed steps you are asking?
Apply for insolvency in court. The court would adjudge whether you are insolvent or just trying to avoid the liability.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 19 April 2012
Mr. Raj! You have already been provided with line of action and even then if you feel unsatisfied or think more and more detailed information be provided to you then it shall be better to engage a lawyer for this purpose.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 20 April 2012
This is not only All India problem but for entire business world.
Our insolvency law are not up to date , so you can not escape criminal liability against PDC.
Local creditors will surely trouble you , if you can face them than only for civil debts insolvency will help.
