Question

Insolvency Petition (I.P) is filed by

• A. A person who is unable to repay debts
• B. The Government in order to regulate the Banking sector
• C. The person who lends money
• D. People who want to increase borrowing capacity for businesses

Hint:

Understanding insolvency laws is crucial for business and personal financial management, particularly in situations involving debt repayment issues.

Answer 1

The Correct Option is A

An Insolvency Petition (I.P) is filed by a person who is unable to repay their debts. It is a legal procedure through which an individual or entity seeks relief from their creditors under the law.