Legal Question in Bankruptcy in India
Someone i know, has borrowed lots of debts from 20 people(in 2 states). he cant repay them. He had given blank cheques too. some of them are filing cheque bouncing case. Can he apply insolvency for himself ?
Asked on 1/21/11, 12:53 pm
1 Answer from Attorneys
Shrichand Nahar
S.V.Nahar, Advocate
If somebody is having debts/liabilities in excess of his assets/properties, he/she can apply to the Court for declaring insolvant.
Answered on 1/23/11, 1:08 am
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