Legal Question in Bankruptcy in India

Insolvency
I & my wife taken loan from 12 banks and taken cash through credit cards.Our debts is more or less one crore. We declared insolvent & taken order from HC( Cal). But the banks given us ''summons'' on basis of our postdated signed cheques (Securities). Banks lodges creminal cases & NI Act after srvice of the said order. The AGENT who organised & advised to declare Insolvent said no Criminal case will institute against us.
What is the remedy ? Is it true that after declaration of ''Insolvency'' no NI act. or Creminal case will not instituteed?
Give us advice & remedy please....

Asked on 7/14/09, 1:16 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Insolvency

Insolvency may not absolve you from your criminal liability arising out of check bouncing, frauds or misrepresentations.

Answered on 7/14/09, 6:02 am

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