Watch►Advocate Srinivas Kaveti About Insolvency Petition || What Is IP? || Insolvency Petition || SumanTV Legal
#InsolvencyPetition #IP #SumanTVLegal
What Is IP?
An insolvency petition is filed at a district court having jurisdiction in which the debtor resides or carries on business. If the debtor has already been arrested or imprisoned, then the insolvency petition can be filed where he/she is in custody.
When an individual or any organisation is unable to repay the money owed, then the state of being in this difficult situation is called insolvency. Furthermore, when a person or an organization is in the state of insolvency, they are called insolvent.
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