Legal Question in Bankruptcy in India
Individual insolvency
Does declaration of Individual Insolvency in India give relief from prosecution under Cheque bounce case: In the present case a person took loans from different banks for running a proprietory business which has to be closed down due the economic situation. He has no way of paying the loan back. He has applied to be adjudged to be insolvent in court.
Asked on 3/10/09, 6:31 am
2 Answers from Attorneys
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: Individual insolvency
Hello.
I agree to the opinion of Mr.Goel.
Answered on 3/13/09, 3:20 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Individual insolvency
The insolvency court may stay proceedings - pending in different courts - on account of discharge of liabilities of the insolvent.
Answered on 3/10/09, 8:02 am
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