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King Drift   30 July 2020

Can an individual file Insolvency Petition?

An individual who is trapped with credit card debts and personal loans.


 3 Replies

Dr J C Vashista (Advocate)     31 July 2020

Yes, an individual may apply.

Read provisions of Insolvancy and Bankrupcy Code 2016 as amended in 2020

G.L.N. Prasad (Retired employee.)     31 July 2020

Once if you apply for insolvency--Remember your financial competencies comes to end and you will not be entitled to any loan from a financial institution and in some cases even bar for Government employment.  You can apply to save from Credit card dues, but the Court must decide the facts, and the credit card agencies are competent to find out facts whether such application is genuine or to avoid legal action on a charge of assets, etc.

1 Like

Gaurav sharma   31 July 2020

It will be filed with Debt recovery tribunal

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