Financial mismanagement by a registered Chit fund company over multiple years resulted in default of payments to subscribers. An FIR has been lodged U/s 420, 406, 417, 422 and 506 against Foreman. The Police, Lawyer(s) and intermediateries are sucking away money from the accused while on bail with no permanent relief. Fund raising through liquidation of assets (of Foreman &/or others) is a possibility but is a difficult task due to downturn in realestate and other issues. Goodwill to make the payments is surely present but what is the best way forward to the Foreman to get maximum time, so as to space and defer the payments and deal with the situation? Everybody is wanting their payments to be cleared first. Can the case be dragged on for few years to buy the time so as to improve the situation ? Although it is suggested that he can end up paying a lesser amount through settlement, is it a possibility and should it be opted? As per another opinion, subscribers cannot do anything but give time to resolve amicably else they get paid more slowly through court ? Any expert and mature legal suggestion or a road map in favour of Foreman, to deal with the immidiate crisis but eventually pay everybody is appreciated. Thanks in advance.
