What do you mean by the term insolvent
Insolvent means that person is not able to make payment.
Being insolvent means that someone is not able to payoff his liabilities and court also declared that this is not able to pay liabilities and is insolvent.
When one cannot pay its debts is declared by court then that person is said to be insolvent
The person who is not able to pay it's due amount on him and the amount couldn't be recoverable by his property ,money etc.so that government declare him insolvent.
It means that the person's property is sealed he has no longer access to any of the property because he was not able to pay of its debts (in hindi uski property neelam ho jaty h)
It means that you can't pay your debts