Insolvency Petition

Inneedofhelp (Querist) 17 August 2017 This query is : Resolved
My relative is running chit finds locally and not registered and unable to repay the money totalling over 30 lakhs. He gave as loan to others and they are not paying now. He doesn't have property on his name. But his sons have properties. Can he file insolvency petition. Whether he can be convicted.

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Rajendra K Goyal (Expert) 19 August 2017
As the chit fund business was not registered and not legal, hence legally he has limited scope to recover.

He may file insolvency petition, discuss with local lawyer.

Dr J C Vashista (Expert) 20 August 2017
@Inneedofhelp,
You have over smartly attempted to befool the experts to evade your real identity and avoid to be tagged as "anonymous", which is otherwise anonymous with adoptive name which reads as, "in need of help"; isn't it?
The subject question is not concerned with you but one of your relative as stated by you.
Your relative has been involved in an illegal business, which can not be advised for converting in legal manner.

No reply,
Consult a local lawyer

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