Legal Question in Bankruptcy in India

Bankruptcy law

We have a peroleum delearship business as a parnership firm with my brother-in law, mother-in-law and wife as partner in 51:25:24 ratio. The firm has incurred a massive dept amounting to crores. My brother-in-law also has personal debt of huge amount. The business is currently running on borrowed capital from some well wisher. My questions are :

1. Can we file for business bankruptcy to protect our self from creditors.

2. Can my brother-in-law apply separately for personal bankrputcy.

3. What are the implications and consequences.

4. My wife is in service and is non-profit making virtually a dead partner. What are the implications for her

Thanking you in advance for your advice


Asked on 5/25/09, 2:05 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Bankruptcy law

1. Insolvency may be filed;

2. Separate petition may also be filed by individual partner (s).

3. The consequences of insolvency follows.

4. You may contact a lawyer personally with all your documents.

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Answered on 5/25/09, 3:37 am
Fahri Toga TOGA//OKSUZ

Re: Bankruptcy law

We think that we can help you to solve your affairs forthwith, please send us your documents or write an detailed e-mail in order to notify the circumstance. We checked over the documents thereafter, we will return your added phone number,e-mail or address,as soon as.

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Answered on 5/25/09, 5:31 am


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