Legal Question in Credit and Debt Law in India
A person for whom we have given a loan has filed an insolvency petition. Before filing the petition his father transferred the assets which belong to the debtor to the debtor's sister. Can his insolvency petition stand valid now?
Asked on 4/18/14, 5:25 am
2 Answers from Attorneys
Sunil Goel
S.G. SOLICITORS
You may file an application to the Court (where insolvency petition is pending) under Section 55 of the Provincila Insolvency Act 1920 to set aside such fradulent transfer of assets by the debtor. See sections 53-55 of said Act.
Answered on 4/18/14, 6:13 am
Fca Prashant Chavan
Expert Edge LLP
20.04.2014
Dear Sir / Madam,
The Court will scrutinize the insolvency claim of the borrower and all the assets pledged as security will remain in place till the loan amount is settled and fully repaid.
Regards,
Answered on 4/20/14, 4:10 am
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