Hearing a petition on the insolvency case,Justice Sanjib Banerjee on Friday asked the Joint Commissioner of Kolkata police to prepare a list of advocates who have published advertisements to attract borrowers on promises that they would be proven insolvent. Justice Banerjee asked the Joint Commissioner to hand over the list to the Advocate General of the state. 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 didnt need to repay bank loans or make credit card payments.
