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How to defend against insolvency petition

(Querist) 10 November 2018 This query is : Resolved 
My friend received a notice from the Court that he is the 30th respondent and the petitioner stated him as financier and creditor. but he has done business with the petitioners. but the petitioners sold the property and received a amount of Rs 1 crore but they didnot given a single paise to my friend and served a I.P notice to my friend. the petitioner has many debts, one of them is my friend. the petitioner stated that illegal business and call money means in the notice which is false. my friend waited for the period of 3 years for Rs.2,00,000/- the petitioners with sweet quoted words ensure my friend that they will give him the amount. the petitioners even didnot serve any promissionary note or cheques to my friend. How can my friend defend against the petitioner.

My question is that How can My friend defend against I.P suit which is served to him ?
P. Venu (Expert) 10 November 2018
The matter requires professional consultation.
Dr J C Vashista (Expert) 10 November 2018
Advise your friend to engage a local prudent lawyer for better appreciation of facts / documents, guidance and proceeding.
However it is your friend's baby, do not worry and do any advocacy for him, let him come out to find a reasonable way out.
manoj (Expert) 10 November 2018
As per your query, Your friend was a party in Insolvency Petition, but he is not having any proof to show that, the petitioner is indebt to your friend. But the petitioner in Insolvency Petition shown your friend as respondent in the above I.P.Suit. As per my opinion, you friend cannot file any suit against him. Since he is not having any valid proof to show that the petitioner in the I.P.Petition is indebt to your friend. You better wait for the result of the suit

The Rocking Lawyer
CELL NO 8686159292
Isaac Gabriel (Expert) 10 November 2018
Since arrayed as respondent file your claim so that any positive may bring result.
Arif Shaik (Querist) 10 November 2018
Thank You everyone for your advise and suggestions

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