3 Answers
Dear Sir, as per your query,
You need to file a personal insolvency application before the National Company Law Tribunal of your jurisdiction.
For further details & clarification, feel free to contact our OLQ Team for a detailed discussion.
You can file petition under Insolvency and bankruptcy code before NCLT bench of your area.
Who Can File?
Any person who cannot pay debts and is under financial difficulty can file Section 94 IBC – Individual Insolvency.
Where to File?
Application is filed before the Debt Recovery Tribunal (DRT) of your area.
Form Required
You must file Form–1 (Debtor’s Application).
Documents Needed
Aadhaar, PAN
Bank statements
Income proof
List of creditors & debts
Loan documents
List of assets
Any notices or cases
What Happens After Filing?
A moratorium immediately starts → no recovery, no attachment, no interest, no harassment.
DRT appoints a Resolution Professional (RP).
RP prepares a repayment plan or recommends debt waiver/discharge.
DRT approves it → you get final discharge from debt.
Time & Cost
Filing to admission: 1–2 months
Final discharge: 6–12 months
Court fee: Very low