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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.
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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.
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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.