Hi there,
A person who fails to repay his debt to 'n' number of creditors. He issued a notice through an advocate that he can't repay his debt (As per Insolvency Law, he declared himself insolvent but not through court). He mortgaged some of his property with some creditors. He couldn't handle the situation so he absconded. After 20 years, he wants to repay his debt. He is not in the possession of mortgaged properties documents. For some reason, the creditors didn't move to the court.
This is the brief situation. Well my question is, whether the advocate notice is deemed to be an IP or not? After 20 years, did he able to acquire his property? What are the creditor's rights over the mortgaged property now? What are the possible plus for the debtor in this situation?
