Anonymous
26 May 2020 at 22:46
Dear Sir,
Facts: Company is under CIRP ( Corporate Insolvency resolution process)
RP is appointed
Current status : Negotiations with promoters for settlement.
Salary of Post CIRP is pending
RP has expressed his view regarding termination without payment of dues in this COVID period.
Employee who have earlier filed a case for payment of salary is pending before NCLT and they have again moved a fresh application to stay the termination till the settlement process under inherent power of NCLT.
Query : Is there any specific provision in which NCLT can direct to stay the termination or may say to pay the dues before termination.
Any judgment to support the case of employee
Shobhit Jain
25 May 2020 at 20:23
Which returns need to be submitted by Non-deposit taking NBFC to RBI having asset less than Rs 50 crores?
Anonymous
22 May 2020 at 22:37
Dear sir,
Facts : The company is under Insolvency proceedings (CIRP) as per the order of insolvency.
At Present the affairs of Company is being run by Resolution Professional.
Current Status : Settlement between Promoters and Financial Creditors is undergoing and there is likelihood for settlement.
Employees has filed IA before NCLT for the payment of outstanding salary for both Pre CIRP and Post CIRP process.
The matter is pending before NCLT and on the last date of hearing NCLT has directed to pay salaries of employees on priority from available funds.
Now RP has communicated during COVID-19 that he intends to terminate employee by paying half of the pending salary of POST CIRP period and the remaining will be paid post settlement with the promoters or upon liquidation as the case may be
Question: Can RP terminate the employment during this period when the matter for payment of salary is pending before NCLT.
What is legal defence the employee have against this intended termination ie without the payment of complete dues.
What stand we need to take for filing appropriate application before NCLT against this intended termination b
while the settlement process is on
Shobhit Jain
17 May 2020 at 21:24
What is the entire procedure to register and form a housing finance company?
Shobhit Jain
17 May 2020 at 20:37
Does housing finance company need to register as NBFC ?
Anonymous
16 May 2020 at 10:46
Dear sir/mam,
We at Abhayudaan, Decided to setup an Section 8 Company to fulfill our some objectives in the field of Education and Research. But we are facing some issues or confusions, and we wants to solve out before registering Section 8 Company. We like if you can provide us a help for same. Questions are as under..
1). As currently We ( Me and My Partner ) doing job so we have Source of income. But after setting up foundation we have to work for only foundation and all of we know that as a director of any foundation we are not able to draw any salary so in such manner we do not have any source of Income. So please guide me the ways which can help us to feed our family as with Social Work. Here we wants to clarify that to solve out this scenario. we decided to seat our fathers ( Father of me and my friend) an director. And we work as an employee. so this is good or not?
2). As we know in initial face foundation will be in active for few of months due to lack of fund availability. in that scenario what legal action will be possible to take by government officials?
3). As on your experience suggest me which kind of section 8, I have to register LLP or PVT.LTD ? Here i wants to mention that currently we do not have any registered entity or any pvt.ltd company. We are just begin our journey with Section 8 Company only.
Please give me a best advice as soon as possible. Or also you can contact me with mail at founder@abhayudaan.org
Anonymous
28 April 2020 at 18:37
I am a creditor of a Company which has been mismanaged by the Directors who siphoned off its assets. These facts are apparent from its Balance sheets etc which are available in public domain.
As a Creditor(not a share holder) ,who do I go with a complaint about the affairs of the company, a Civil Court or the NCLT ?
Secondly the Company has not filed any annual returns etc for the last two years and hence I dont have the latest status of the this Company ! As a Creditor can I complain about this fact to the MCA ?
I have apprehension that the Company is trying to close down after manipulating the account books etc shortly !
Shobhit Jain
23 April 2020 at 22:24
Are there any investment restrictions put up by RBI on sale of loan portfolio by means of securitization to a foreign investor?
For eg. Bank A (Indian Bank) sales its loan portfolio to Investor B (based in USA) whether such transactions are covered under external commercial borrowings or any other restrictions put up by RBI for raising foreign currency fund?
Nitin Mane
21 April 2020 at 13:20
Please explain me the rule for naming under section 8 of companies act 2013.
I want to register a section 8 company and the name will start with "Bharatiya" and it will be include "Chamber of Commerce".
I got reference of a company registered in 2016 BHARATIYA DIGITAL PRODUCTIONS PRIVATE LIMITED
If this private company can be registered with word "Bharatiya" then for Section 8 it might have no objection to register with the name Bharatiya.
Some of companies saying that the inclusion of words like India, Bharat etc. requires authorized capital of 5 lakh of Pvt. Ltd, if this is any rule my consideration is that this rule will not be applied on section 8.
Please give your opinion in this regard,
Note: I am thinking for my section 8 to be registered as MSME Development Organization next day after incorporation, which is possible for me without any hesitation.
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