Legal Question in Banking Law in India

Re: default

Apply to the court where u reside to be adjudged as insolvent making your creditors as respondents. Your properties, if any will be taken over by the Official Receiver, sold and the proceeds distributed among your creditors. Once you apply for insolvency, you cannot further borrow or if in bank employment, you will lose your job.

Re: default

You may consider filing an insolvency petition if you are actually incapacitated to meet your liabilities with your income / assets.

Re: default

if you can then declare yourself insolvent

Re: default

Bank may file insolvency petition against you but you cannot file such petition as it is barred by law. Insolvency petition is incompetent against banks.

Re: default

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