Krishna
24 August 2017 at 13:15
Hi I am a Managing Director of A pvt ltd company Which has taken a loan from a Nationalized bank.Due to Heavy loses in the Industry ,the industry was not able to pay back the loans.The account was declared as NPA by the bank one ago.Industry property and Lot of Other Urban properties were mortgaged for the loan in the bank. Bank eAuction Process is going on. Bank valuation on properties much lower to market value which created recovery gap. Bank filed a case to acquire personal properties of directors. Could you guide me how do I safeguard my personal property.
My personal property which I was referring not mortgaged to the bank but title documents are lying with Home loan department of same bank in other state which they have hold documents due to internal communication about the bank dues.
Could you guide me how do safegaurd my property and get the documents from the bank?
Sunil Chaudhary
22 August 2017 at 19:49
Dear All Experts I need your help & Guidance regarding a Query
I was Ex-Director of a Pt. Ltd Company and during ongoing operations of the Company we 4 Directors were taking care of running the Business on behalf of promoters who were based in London. We 4 Directors were on Wages to take care of operations of the business and our salary is due for the last 1 year and so for employees, payments to suppliers, dues for tax departments etc.,
Since last year there were disputes among promoters and the financial aid to the company was stopped and company started struggling for the business due to non-availability of funds . Due to pressure of Suppliers and to somehow keep on business running we have issued Cheques to "Operational Creditors" as PDC's to repay their payment but we cudn't repay due to non-availability of funds / non-support from promoters based out at london. One fine day the employees did strike at our company and forcefully closed the operation and we 4 directors have to face consequences and police case against us.
Meanwhile one of the Operation creditor / supplier filed I&B 2016 at NCLT Ahmadabad against our Company in April 2017. "Operational Creditor" had made petition under NCLT Ahmadabad against our Company for Insolvency & Bankruptcy for which we received the Order Copy on 10th April, 2017 from NCLT. The IRP - Interim Resolution Professional was appointed and the public notice was issued in newspapers for all the operational & Financial creditors to submit their claims on or before 3rd May, 2017.
Suddenly, as the Liquidation process is on for the Company and the IRP is involved in valuating the assets of our company and recovering due payments form our clients, few of the Operational creditors have started filing 138 for Cheque bounces against us through Negotiable Instrument Act in individual names of Directors or against the one who signed the cheques (minimum 2 Signatories). I personally have 9 cases as of now of 138 against me within a span of 1 month time now...
Request you to kindly help me to overcome the situation because i do not have individual capacity to pay for the cheques which are bounced as i myself have not received my own Salary for the last 13 months of my job. .
We did not had other options but to accept the order from NCLT becuase non of the directors had capacity to pay. The order depicts "MORATORIUM" Period until the IRP comes with final resolution in our case or until 180 days. But this 138 cases against us are harassment to us.and we are unable to understand why Operationa Creditors are doing so, becuase on one hand they have raised their claim and on the other hand they are doing 138 cases against us. What would happen once they get their payment after liquidation of our company, do they want dual payments i.e. one from Liquidation process and other from us ??
We are completely in soop because we are dealing with such 138 cases individually and this seems unstoppable with such increasing numbers. Is there any way out to deal such dual consequences. Can we apply "Moratorium" against 138 cases in NCLT or can file petition in NCLT for the negotiable instrument act or any other way out to deal such situation.
Kindly guide and suggest remedy please !!
Anonymous
22 August 2017 at 02:06
Dear All Experts
I need your help & Guidance regarding a Query
During on going opeations of the Company we 4 Directors have issued Cheques to Operational Creditors as PDC's to repay their payment but we cudn't repay due to non-availability of funds / non-support from promoters based out at london and one of the creditor filed I&B 2016 at NCLT against us.
"Operational Creditor" had made petition under NCLT Ahmedabad against our Company for Insolvency & Bankruptcy for which we received the acceptance or Order Copy on 10th April, 2017 from NCLT. The IRP - Interim Resolution Professional was appointed and the public notice was issued in newspapers for all the operational & Financial creditors to submit their claims on or before 3rd May, 2017.
Meanwhile the Liquidation process is on for the Company and the IRP is involved in valuating the assets of our company and recovering due payments form our clients, few of the Operational creditors have started filing 138 for Cheque bounces against us through Negotiable Instrument Act in individual names of Directors or against the one who signed the cheques (minimum 2 Signatories). I personally have 9 cases of 138 against me within a span of 1 month time now... requst you to kindly help me to overcome the situation because i o not have individual capacity to pay for the cheques which are bounced and this seems to be manipulated game against me or the past 4 directors by such operational Creditors and financial creditors are also harrasing us and threatening us now for legal proceedings.
We have agreed I&B by one Operational creditor as we 4 directors were employees and promotors didnt helped us at crucial / bad times and we accepted the NCLT order. and the order depicts "MORATORIUM" Period until the IRP comes with final resolution in our case or until 180 days. We are completely in soop because we are dealing with such 138 cases individually and this seems unstoppable with such increasing numbers.
All operation creditors have raised their claim to the IRP appointed and they are also doing 138 cases against us which is total harassment and what they want to prove by doing this that they want their claims two times / dual claim with such 138 cases against us and through liquidaton process... this seems a conspiracy to us . Can we apply "Moratorium" against 138 cases in NCLT or can file petition in NCLT for the negotiable instrument act or any other way out to deal such situation. as to what i have read and suggested , we are not getting any clear and convincing reply from anyone around us... in my opinion there should be a way to relief the directors against such acts . Please help me ... your guidance and suggestions are most urgent & Important to us.. please guide
Sunil Chaudhary
+91 91159 38685
Rahul deewan
21 August 2017 at 09:28
Hi, My question is regarding partnership firm. My uncle grandmother and mother started a partnership firm..land is registered in the name of uncle and grandmother..my mother started a partnership firm by mortgaging land of two..1/3 money was invested by my mother as it was a term loan..my questions are.. 1.what to do if the legal heirs of deceased grandmother and deceased uncle dont want to pay loan 2.did my mother share in land exist as the land and building are being shown in book of accounts regularly 3.the land mortgaged in bank is land of two owners or land of partnership firm.. Thank you
Anonymous
21 August 2017 at 09:24
Hi, My question is regarding partnership firm. My uncle grandmother and mother started a partnership firm..land is registered in the name of uncle and grandmother..my mother started a partnership firm by mortgaging land of two..1/3 money was invested by my mother as it was a term loan..my questions are.. 1.what to do if the legal heirs of deceased grandmother and deceased uncle dont want to pay loan 2.did my mother share in land exist as the land and building are being shown in book of accounts regularly 3.the land mortgaged in bank is land of two owners or land of partnership firm.. Thank you
Anila Nair
19 August 2017 at 20:10
This query is made on behalf of my cousin who lost her father, an employee of Indian Oil Corporation, about a year ago. Her father's death was quite abrupt, leaving behind a family of wife, mentally challenged son and the daughter (ie my cousin). During the time of his death, her father was working in Ernakulam (Kerala) branch. Upon his death , the family was offered the option of compensation money or compensation appointment. Keeping in mind the family's current situation and her brother's condition, she chose the latter. However, even after several rounds of interviews, the officers seem to be reluctant to give her the promised appointment, instead vaguely strong arming her to accept the money. Presently, she is being somewhat being intimidated that her posting will be out of the state, away from her family. This has left her in predicament in the view of her family situation.
Is there anything to be done for this? Who can we approach for the resolution? Please guide me.
Krishna
19 August 2017 at 02:07
Hi
I resigned through company email when I was on vacation.However company did not accept my resignation and denied providing me relieving letter,experience certificate etc.
They also did not give my Diwali bonus.
So what legal actions can I take against the company
Abdur Razique
19 August 2017 at 00:24
Hi I am a software developer currently working in US.
I am planning to start a unique business in my home country India.
I only wanted to know, suppose if all of my clients are happy and no one raise any complain for lifetime, and if I also pay a GST legally then can I run a Money Circulation Business (Might be known as mlm business without any product) legally in India.? And the important thing if the joining fee is as low as Rs 50.
In future I will also add
1. An e-commerce marketplace where all types of product will be available as on eBay now.
2. P2P money lending according to RBI guidelines
Please let me know the procedure...
Regards
BHAWNA
18 August 2017 at 17:18
if Company files resignation of one director out of two and the appointing another director few months later, then As per the Law it is violating Section 149 of Companies Act, 2013. Any way to safe the Company for that months?
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