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The judge also directed the Registrar of Insolvency Court to file an affidavit stating how many borrowers have been declared insolvent since 2008. Justice Banerjee also asked the Bar Council of India to take resolution against those advocates who had published advertisements to attract borrowers on such issue.
He observed that no advocates could publish advertisement according to legal provisions.
Several private banks had moved the Calcutta High Court last week for judicial intervention in what they called as a sharp rise in insolvency cases in Kolkata.
The banks alleged that over 1,000 individuals have been declared insolvent in the last three years, as a result of which they didn’t need to repay bank loans or make credit card payments.
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