Time Taken To File Individual Insolvency Petition In India

How much time it would take to file for Individual insolvency and the cost involved for the same?

Answers (2)

Arshi Noor

Arshi Noor

  • 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.

Under the Provincial Insolvency Act, you can file for bankruptcy if you are unable to repay a debt greater than INR 500.

Answered on 30 Mar 2020


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Aditya Dua

Aditya Dua

  • Sector-1, Noida

In case a debtor petition, the debtor should appear before Master court and on adjudication of the debtor, the same day he has to appear before the Official Assignee and record his statement. Within 30 days thereafter he shall file a schedule of debtors affairs.

Answered on 28 Mar 2020


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