Prominent director and artiste K Bhagyaraj lodged an insolvency petition (IP) in Madras High Court on Monday. He claimed that he had suffered huge losses in his business. The judge, Justice Jayachandran accepted his appeal and ordered the Income Tax officials to conduct an inquiry on the details provided by Bhagyaraj and submit a report as soon as possible.
It may be recalled here that Bhagyaraj got separated from Jayalalithaa before the Assembly elections and joined the Dravida Munnetra Kazhagam led by Karunanidhi. Presently he is continuing in the DMK party. In this backdrop, he lodged an IP petition claiming that he was in deep debt trap and had suffered huge losses in his business.
