Legal Question in Bankruptcy in India

Re: insolvency

Every insolvency petition presented by a debtor shall contain the following particulars, namely:--

(1) a statement that the debtor is unable to pay his debts.

(2) the place where he ordinarily resides or carries on business or personally works for gain, or, if he has been arrested or imprisoned, the place where he is in custody;

(3) the Court (if any) by whose order he has been arrested or imprisoned, or by which an order has been made for the attachment of his property, together with particulars of the decree in respect of which any such order has been made;

(4) the amount and particulars of all pecuniary claims against him, together with the names and residences of his creditors so far as they are known to, or can by the exercise of reasonable care and diligence be ascertained by, him;

(5) the amount and particulars of all his property, together with--

(a) a specification of the value of all such property not consisting of money;

(b) the place or places at which any such property is to be found; and

(c) a declaration of his willingness to place at the disposal of the Court all such property save in so far as it includes such particulars (not being his books of account) as are exempted by the Code of Civil Procedure, 1908, (5 of 1908), or by any other enactment for the time being in force from liability to attachment and sale in execution of a decree;

(6) a statement whether the debtor has on any previous occasion filed a petition to be adjudged an insolvent, and (where such a petition has been filed)--

(a) if such petition has been dismissed, the reasons for such dismissal, or

(b) if the debtor has been adjudged an insolvent, concise particulars of the insolvency, including a statement whether any previous adjudication has been annulled and, if so, the grounds therefor

Re: insolvency

The insolvency judge will decide about discharge of debts against available assets of the insolvent.

The insolvency petition may be filed in the court of District Judge of the area; it may be better to engage a local counsel to pursue the case.