Legal Question in Credit and Debt Law in India

if somebody owes me a lot of money to the tune of hundreds of thousands, and now he's declared himself bankrupt. What would be his punishment in india?


Asked on 1/12/12, 10:32 pm

2 Answers from Attorneys

Declaring himself a bankcrupt is not sufficient. His creditors must take an action against him and take the order/decree of the court. Can file a criminal case ... if its a company then must go for winding up etc..

there are many ways he can be punished or to recover the money.

Consult a lawyer in India and proceed further.

Regards

Jeevesh Mehta (Advocate)

Ph; 9811617186

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Answered on 1/13/12, 12:00 am
Sanjay Kalra Sanjay Kalra & Associates

How has he declare bankrupt ? Is it by court or other way ?

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Answered on 1/16/12, 3:37 am


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