► Respected sir, I have debts of 50 lacs from bank & nbfc. I don't have movable/ immovable property, no vehicle no gold nothing left.
I have job. I m earning 75000 per month. Out of which 50000 cost come for household cost child education and other necessary things. 20000 remain. Already Arbritation award issue. I want to file insolvency to my district court. Can I eligible. If yes then how to proceed
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2 answers
2 Answers
Oct 08, 2025
Dear Sir, as per your query,
Under Section 94 of the Insolvency & Bankruptcy Code, 2016, an individual debtor can file for insolvency if You are unable to pay your debts.
YES, you are eligible to file application for insolvency at “DEBTS RECOVERY TRIBUNAL” for insolvency.
For further clarification and details, feel free to contact our OLQ Team for a detailed discussion.
Oct 08, 2025
No, you are not eligible to file insolvency proceeding. Counter arbitration case and also handle cases under guidance of a competent lawyer.
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