Legal Question in Bankruptcy in India

About insolvency/bankruptcy

I use to have many credit cards issued between 1999 -2004 and all of them were issued from delhi.I was a regular user of the Cards and was paying all the dues on time till last August (2007).I had undergone a finacial crisis due to loosing all my money in share market and i got bankrupt.I do not have any movable or immovable property on my name nor I do any job or business .I stay in a rented house and somehow surviving myself doing small works here and

there.

Now the issue is there that as I have not made the payment of the banks since last august ,they have started taking legal action against me.insolvency is possible in my case all fact i already tell u sir.About insolvency/bankruptcy as I consulted with some lawyers in Delhi.

I think there is some confusion, I do not have any shares as assets secondly about filing my insolvency, I had consulted with some lawyers in Delhi and as per them I am not eligible for it .

They have said that wherever there is public money involved you cannot be an insolvent secondly you should also have a debtor .In my case I only have creditors which are MNC Banks.

kindly advice if you can help in filing insolvency then I can meet you personally and can also do the needful in terms of your charge

1 Answer from Attorneys

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