Legal Question in Disability Law in India
Insolvency of individual
Can a person be declared insolvent by the court of law in India if he has taken loans from various banks and paid interest for nearly half the tenure and is unable to return the remaining portion of the loan.He does not have any source of income any more
Asked on 3/16/09, 1:50 pm
2 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Insolvency of individual
The court may need to examine the total assets of the person vis-a-vis his liabilities; income of the person may not be relevant.
The court may decide about sale of certain assets, if any, owned by the petitioner and apportion the sale proceeds for meeting liabities towards creditors.
Answered on 3/16/09, 3:17 pm
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: Insolvency of individual
Yes it is possible provided you state all the facts as to formulate some advice for you.
Answered on 3/17/09, 7:03 am
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