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02-May-2019 23:41 by 7 Comments

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Legal meaning of the terms bankruptcy, insolvency, liquidation and dissolution are contested in the Indian legal system.There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor as is common in many other jurisdictions.

They filed suit u/s 138 against me.which law safe me from u/s 138 of Negotiable Instrument Act Greetings to the entire public, I am Dr, Ali Melita i am a man that have come to put away every thought that is in EVERY ONE'S MIND THAT ARE SAYING THAT THERE ARE NO RELIABLE LOAN LENDER'S ON LINE THAT CAN GIVE LOANS ANYMORE, And now we all know that there are a lot of scammers searching for our legitimate documents to use for fraudulent act, SO i Dr Ali Melita HAS COME TO ANNOUNCE TO THE ENTIRE PUBLIC THAT I HAVE got some money to Lend Out to Serious, TRUSTWORTHY and Prospective CLIENTS THAT ARE IN NEED OF LOAN, Any person/organization who HAVE BEEN LOOKING FOR LOANS AND HAVE NOT GOTTEN THE LOAN ON TILL NOW SHOULD send their contact or apply via email:[email protected]

Additionally, on top of losing all of one's property, the unfortunate debtor also lost his freedom and was subject to imprisonment for failure to pay his debts.

This left the family of the debtor in the position of having to pay the debts in order to obtain the release of the debtor.

My huble advice/suggestion to startup companies and Entrepreneurs is"IF YOU CANNOT BACK YOU UP FOR YOUR BUSINESS FOR 3 YEARS WITHOUT THIRD PARTY FUNDS, DONT DO BUSINESS".

Iam 64 Year Old Retired Person Getting Monthly Pension of Rs5000.

India does not have a clear law on corporate bankruptcy even though individual bankruptcy laws have been in existence since 1874.

The current law in force was enacted in 1920 called Provincial Insolvency Act which consists of Chapter 7 and chapter 13 bankruptcies.In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization).An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.Declare bankruptcy, take the assistance of the law and discharge your loans and live life honorably. and today’s law clearly demarcates the business/company’s assets from the personal assets…it distinguishes between the assets of the family and your assets and has all the features that allows you to write-off the loan once and for all and start again.Winding up of companies is in the jurisdiction of the Courts which can take a decade even after the Company has actually been declared insolvent.

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