Are bankrupty protection laws or similar law in india?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2013 I have come across about "Bankrupty Protection Laws" in united states.
More details are available at http://www.wisegeek.com/what-is-bankruptcy-protection.htm

Does such laws are available in india where a person / business / company / HUF can use this law to their protections?

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2013 You can also visit http://www.debtsteps.com/bankruptcy-facts.html for more details on "Bankruptcy Facts & How They Affect You" as per THE FEDERAL INSOLVENCY LAWS.

I am looking for help from experts available at caclubindia.com