Legal Question in Banking Law in India

Re: lone

if anyone is adjudged(declared) insolvent by a Court of law, he cannot borrow, all his earnings above the limit free from attachment will vest in the official receiver, he cannot contest any elections to statutory bodies. If at the time he is declared as insolvent he is employed in bank, he will be removed from service. If the insolvent gets an order of discharge,then he can start as a clean slate to borrow, engage in trade or employment etc.

Re: lone

if anyone is adjudged(declared) insolvent by a Court of law, he cannot borrow, all his earnings above the limit free from attachment will vest in the official receiver, he cannot contest any elections to statutory bodies. If at the time he is declared as insolvent he is employed in bank, he will be removed from service. If the insolvent gets an order of discharge,then he can start as a clean slate to borrow, engage in trade or employment etc.

Re: lone

Various

Re: lone

An insolvent is ineligible to make applications in several situations. a list of such situations cannot be given.

moreover, the income of an insolvent is automatically attached to the court and he is allowed only to retain a portion of the income for his living expense. the remaining amount is appropriated towards payment of debts.

Re: lone

There may be various liabilities involving disqualification for elections, employment in certain cases, contract, loan, and certain others.