AVG
05 September 2011 at 12:30
A Limited Company, which went into Liquidation and was handed over to Official Liquidator.
The banks & financial institutions filed recovery suit in DRT against the company and the Directors who had given their Personal Guarantee & also the Legal Heirs of the deceased Directors, who had given their Personal Guarantee
The Directrors & Legal Heirs of the Deceased Directors settled their Personal Guarantee Obligations with the financial institutions & the bank.
The banks & financial institutions continued the company.
The Official Liquidator auctioned the Assets of the Company by the order of the High Court at a much higher value than the Total Claims of Financial Institutions, Banks & Other Claimants (claims filed with Official Liquidator) put together.
Kindly advise :
1. Process of Disbursal of Funds received by Official Liquidator as the Sale Proceeds from the Auction of the Assets of the Company. (The Sequence & Order of Payments made to various creditors / claimants) ?
2. How can the Share Holders & Equity Holders of this Ltd. Company, claim their entitlement & rights in the sale proceeds of the company's assets by Official Liquidator?
A prompt response would be highly appreciated.
Regards,
Anonymous
04 September 2011 at 09:35
Hi,
What is the process and criteria to file the bankruptcy for a Private Limited Company in the state of Delhi?
Anonymous
03 September 2011 at 14:57
In CA and CS there is a study circle meeting on updation of latest events. Is there any such meeting in law field. Kindly suggest me a good magazine in the area of corporate laws.
Regards
Raj
Anonymous
03 September 2011 at 14:17
The bank has filed Original Application before DRT Lucknow under section 19 of the Recovery of Debts Due to the Bank and Financial Institutions Act, 1993 for Recovery of its dues against our company.
The loan was given by Dehradun Branch of the bank, the factory is also in dehradun for which the loan was given.But the registered office of the company(defandant)is in Chandigarh, the place of residence of Directors (Defandants)is also Chandigarh.
Since the defandants are of Chandigarh Whether DRT Lucknow or DRT Chandigarh will have territorial jurisdiction
Avinash Soni
03 September 2011 at 14:13
how Accounts is related to the Companies Act, 1956, ???
What is the Relation between the Both the terms?????????
prithwish sengupta
03 September 2011 at 10:14
can a full time director be a consultant to the same company in which he is serving as a director?
nishant gahlawat
02 September 2011 at 21:24
respected sirs,in an agreement duly signed by both the parties.
a) one party mentions the court(jurisdiction)
where any future dispute will be entertained. is this clause binding on other party or cause of action will determine where the suit is to be instituted.
b)if the agreement is signed at a particular palace,then is it necessary that the stamp paper must belong to the same state or location of the property will decide the stamp paper.
Anonymous
02 September 2011 at 13:26
do the preference shares before converting into equity shares has to be converted into ordinary shares??if yes what are the conditions
Sushil Kumar Sharma
02 September 2011 at 10:29
Dear Experts,
What is the valifity period of a Blank share transfer form from the Stamped date by ROC.
Thanks in Adv
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Judgement precedent in cases of write-off
A bank filed a case in DRT for recovery of outstanding dues. Subsequently the Bank sold off the secured assets and has opted for Regular Write Off (Not Prudential write-off)with no intimation to anyone.The Bank statement now shows only Rs. 400 as outstanding amount. The bank still pursues the case with DRT for recovery of the dues.
I shall be grateful if there are some precedents of DRT/Higher Courts judgements in such cases.