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Bimboshty (Advocate)     09 October 2010

Insolvency Petition Against Registered Financial Organisatio

My dear friends,

Can a person lodge insolvency petition against Banks, Companies, Financial Organisations which are registered under companies Act, 1956?  And suggest me how to file an insolvency petition against the above said organisations and what type of procedure to be followed if a person want to file the insolvency petition against such organisations?

Bimboshty

Advocate



Learning

 11 Replies

R.Ramachandran (Advocate)     09 October 2010

Dear Mr. Bimboshty,

Corporate Insolvency is governed under the Companies Act, 1956.  It relates to winding up of Companies.  If a creditor has to file the petition against the Companies, then Sections 433, 434 and 439 would apply.

ESTHERPRIYA (Practising Advocate)     09 October 2010

You can issue a winding up notice agains the financial institution to deliver the amount in case of failure winding up will be filed in Company Court. Then you can go ahead to file a winding up petition which is equal to insolvency petition for persons.

Nu.Delhi.Law.Fora. (Advocate-on-Record Supreme Court of India)     09 October 2010

Dear Querist,

 

In a matter of insolvency involving a corporate house incorporated under the Companies Act, 1956, the primary statutory requirement is issuance of legal notice. If no such notice has been issued and relevant time period after such issuance has not been elapsed, no winding-up petition can be entertained in the Company Court of the High Court.

 

Trust this would suffice.

Bimboshty (Advocate)     10 October 2010

Dear Estherpriya,

Thank you for your suggestion and I want to tell you that I am not a company.  Can a person at individual status file a wind up petition? If it is so, how it can be done? And where to be filed? What  are the steps to be taken?

bimboshty

Advocae

Bimboshty (Advocate)     10 October 2010

Mr. Ramachandran,

Thank you for your answer.  I want to tell you that I am not a creditor. I am a debtor at individual capacity. Can I file wind up petition as suggested by some of our friends?

bimboshty

advocate

Bimboshty (Advocate)     10 October 2010

Dear sir,

Thank you for your answer.  I want to tell you that I am debtor not creditor.  And can I file a wind up petition?  If it so, how much time should I take after giving wind up notice to file the wind up petition before concern Hon'ble Court?

bimboshty

advocate

Bimboshty (Advocate)     10 October 2010

Dear sir,

I am not a creditor.  I am a debtor at individual capacity. I have forgotten to furnish this in my earlier reply. Thank you.

bimboshty

Advocate

Bimboshty (Advocate)     15 October 2010

Mr. Ramachandran,

tell me about provincial insolvency. Please look at my question.  It is very clear that "Can a PERSON lodge insolvency petition against banks, financial organisations etc., which are registered under companies Act, 1956?" .  You told me about corporate insolvency and cited some sections which are helpful for the creditors. Anyway thank you very much.

bimboshty

Advocate

R.Ramachandran (Advocate)     16 October 2010

Dear Mr. Bimboshty,

Any body, i.e. banks, financial organizations etc., registered under Companies Act, 1956 are called Corporate Bodies.  If any person wants to lodge insolvency petition Against those Corporate bodies it means that he would like to get those Banks and financial institutions closed (wound up) since they are insolvent.  That is why I suggested that you have to see Companies Act and also indicated to you the relevant provisions, for filing Winding up petition against those companies.

Then you said as under:

"I want to tell you that I am debtor not creditor.  And can I file a wind up petition?  If it so, how much time should I take after giving wind up notice to file the wind up petition before concern Hon'ble Court?

You also said that you are a debtor in  individual capacity and wanted to know "Can I file wind up petition as suggested by some of our friends?"

That is why I had asked you the query, how you being an individual debtor (and not creditor) file any winding up petition against the Financial Institutions and Banks.

In spite of being an Advocate, without properly disclosing that an individual debtor (the debt may be due to banks, financial institutions or even to any other individual) wants to file an insolvency petition - and can he do so, you went about asking all wrong questions, and now you say that "Please look at my question. It is very clear."  It is nothing but sheer audacity. 

 

s.bhuvaneswari (ADVOCATE)     27 July 2013

insolvency proceding VS BANK

s.bhuvaneswari (ADVOCATE)     27 July 2013

INSOLVENCY PROCEDING    Vs BANK- FOR JUDGEMENT


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