Insolvency petition query --
My uncle has suffered business losses. As a result, he owes 60L to private lenders (not banks). He has recently consulted a laywer to file an insolvency petition in the court (AP jurisdiction) as he is unable to pay this and need protection from his lenders.
However, his laywer told him that IP petitions are not currently being accepted by the courts across India. I can't find any news that tells why courts do not accept.
So my question is -- Is this true that courts are not accepting IP petitions? If yes, how can my uncle seek protection from his lenders? What options he has got?
Your help is very much appreciated.
Thanks in advance