Insolvency

NIKHIL THAKUR (Querist) 14 May 2012 This query is : Resolved
HI ALL,
PLS LET ME KNOW IF A COMPANY GOES BANKRUPT, WHAT ARE THE STEPS TO FOLLOW TO GET PROTECTION FROM CREDITORS.
THE COMPANY IS A LIMITED LIABILITY COMPANY AND A PROPRIETORSHIP

THANKS

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ajay sethi (Expert) 14 May 2012
please go through provisions of Presidency towns insolvency act

R.K Nanda (Expert) 14 May 2012
File insolvency petition in court.

NIKHIL THAKUR (Querist) 14 May 2012
kindly let me know which court to sign solvency petition .what are the procedures and what is required? will I get protection from creditors also after that???
grateful for help

ajay sethi (Expert) 14 May 2012
it would depend where you are located . if you are sitauted in mumbai then you would be governed by provisions of presidency Towns Insolvency act . insolvency petition has to be filed in Bombay High court .

only after conducting inquiries will youy be declared insolvent .