Legal Question in Bankruptcy in India

what is the procedure to file bankruptcy in india..what kind of lawyer do i need to hire for filing long is the procedure?

Asked on 9/04/09, 2:45 am

3 Answers from Attorneys

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you need to file a suit for declaration to declare yourself bankrupt. for that there should not be any assets in your name and your wife's name. the assets that your children are holding should also be their self acquired assets and not given by you. you may hire any competent advocate to initiate the proceedings. it will not take much time.

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Answered on 9/04/09, 4:46 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

You may need to file a petition under the Provincial Insolvency Act. Any lawyer dealing with civil cases may handle your case. The initial interim order may take a couple of months but the main suit may take longer depending upon the number of creditors involved.

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Answered on 9/09/09, 6:19 pm
Seshadri Srinivasan

You have to file Bankruptcy with a lawyer who has past experience as Debtor Applications are sometimes contested and a specialist lawyer will be able to help you tide over such situations.

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Answered on 10/12/09, 4:47 am

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