What is ip?
Babu
(Querist) 04 July 2014
This query is : Resolved
what is IP stands for? ( yellow notice received from the court for a person who unable to repay their debts )
one of my uncle having the IP notice, now our family property ( earned by my grand pa ) going to settle among us by the way of settlement deed,
now is it affect the IP person? what are all the legal procedures needs to follow?
or shall we directly transfer the grand pa property directly to his grandson without transfer to my uncle whos having IP? is it legally acceptable?
ajay sethi
(Expert) 04 July 2014
IP must be insolvency petition . some creditors must have filed IP as your uncle is unable to repay his debts and to declare your uncle as insolvent . contest the case filed by creditor
R.K Nanda
(Expert) 04 July 2014
take help of local lawyer.
Devajyoti Barman
(Expert) 05 July 2014
Insolvency Petition.
Show the case papers to a local lawyer.
T. Kalaiselvan, Advocate
(Expert) 06 July 2014
If either your uncle has filed an IP against his debts or his creditors have filed against him, all the property that are in his name shall be the schedule of properties to be liquidated accordingly. Hence, it is better to not to partition the property and allocate any share to your uncle for the present until his Insolvency petition case is disposed by the court. Consult a local lawyer and take his advise on the subject.
