Insovency petition and bank dues

Querist : Anonymous (Querist) 14 August 2011 This query is : Resolved
Dear Experts

Is there any bar on civil courts to entertain a Insolvency petition by an individual, if banks are also added as respondents along with other private creditors?

The office takes objection to adding banks as respondents citing some RBI instructions. Plz enlighten on this issue.

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M/s. Y-not legal services (Expert) 14 August 2011
No. You can add bankers also as reprodents. But you have to mind one thing. Why you want add banks also as respondents. Because if bank availed any loan for you mean thats will be surety on any immovable assets. While you keep any assets you can't file insolvency petition.

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