Legal Question in Banking Law in India

Re: Insolvency

yes there is, Insolvency Act

Re: Insolvency

Yes, there is an Insolvency Act which provides for declaring a person insolvent.

The famous case in the recent history was that of Ms J. Jayalalita who got discharged from the insolvency at the eve of her first election.

if you need more details, you are welcome to contact me.

Re: Insolvency

Yes there is

Re: Insolvency

yes, For Chennai, Kolkatta and Mumbai cities there is the Presidency Towns Insolvency Act and for the rest there is the Provincial Insolvency Act. There is a mistake in Sudershan Goel's answer as Jayalalitha was never adjudged as insolvent

Re: Insolvency

Yes, following are laws:---

1. Presidency-towns Insolvency Act, and

2. Provincial Insolvency Act.