Insolvancy

YOGESHWAR. (Querist) 06 July 2012 This query is : Resolved
There are no of queries on this site about insolvency cases.

1) it may or may not help in criminal cases of cheque bounce but certainly can give relief for compansation and civil liabilites.

2) So what is the law for filing petition.

3) What is the normal procedure for filing the insolvency petitions.

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ajay sethi (Expert) 06 July 2012
insolvency cases are governed by provisions of 2 acts .

Presidency Towns insolvency Act if you are located in presidency towns like Bombay , Calcutta

Provincial Towns Insolvency act .

in the event you are unable to pay your debts you can make an application to court for declaring you as insolvent after detailed investigations you are adjudged as insolvent .

any of your creditors can also make an application for declaring you an insolvent
.