Insolvency Petition When I Have No Money To Pay Back Loan

I took 9 Lakh credit for business purpose from a private person, and from the past 2 years I was paying interest, but now I am unable to pay him principal and interest since I am facing losses in business. Can I go for insolvency petition and I don't... Read More

I took 9 Lakh credit for business purpose from a private person, and from the past 2 years I was paying interest, but now I am unable to pay him principal and interest since I am facing losses in business. Can I go for insolvency petition and I don't have any type of properties.
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Answer (1)

Team Legistify

Team Legistify

  • Sector-1, Noida

If you live in Mumbai, Kolkata or Chennai, you will be governed by the Presidency Towns Insolvency Act, 1909; for all other places in India, you will be governed by the Provincial Insolvency Act, 1920. Both laws are similar and eventually are meant to be replaced by the IBC.

Answered on 18 Feb 2020


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