insolvancy petition

Querist : Anonymous (Querist) 08 July 2010 This query is : Resolved
dear sir, iam satyanarayana from rajahmundry, east godavari district, andhra radesh,
sir, i have debts of nearly five lakhs (500,000) recently ,i transferred my property as a gift deed to my wife,mother,sister.now can i apply for ip.is ip applicable to the banks or not.pl.give me good suggestion

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Querist : Anonymous (Querist) 08 July 2010
ip

DEFENSE ADVOCATE.-firmaction@g (Expert) 09 July 2010
If you have no property in your name in records than only IP will be of help.

N.K.Assumi (Expert) 09 July 2010
Why did you gift away your property to your sister, wife and mother without liquidating your debt and now going for IP? Questinable move.

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