gurudath
17 January 2017 at 18:25
SPL [Complainant] is a private company established in 2003 and they are engaged in manufacturing Iron bars etc.
Whereas, M/S. AML [ Accused] is engaged in Manufacture of Steel with Registered office at Hyderabad.
M/S. AML have been purchasing the Sponge Iron- Lumps from M/s. SPL since several years on credit facility. Over the years the accused have gained the trust and by misusing such trust, it had purchased the Iron ore for its factory under various invoices by placing orders to them. The details of the total supplies made during the period for 01.04.2015 to 31.03.2016 under various invoices.
In-spite of Acknowledgement of receipt of the goods in good condition, M/S.AML has defaulted in making payment against overdue amount and Yet to issue the C-Form for submitting to the Sales Tax Department.
The complainant raised invoice against the Purchasing Orders placed by accused, the following three Invoices, are in respect to the three cheques which has been returned un-paid by the Accused. (Cheque Bounced)
AML (accused) in its letter dated 5th March 2016 it had written a letter stating that the Company is a sick company and its case is registered duly with H'ble BIFR (Board for Industrial & Financial Reconstruction), NewDelhi. Under the defence of reference to BIFR requested the complainant not to present the cheques against the material supplied.
According to accused, BIFR, while registering the reference of company dated 17.11.2015 has restrained the accused from disposing of or alienating in any manner any assets of the company without the consent of the Board. The accused is a sick company and presently running the unit at low capacity hence not able to realize the pending amount. And hence, the accused cannot be forced to honour the post dated cheques.
The Management of the Complainant have gone ahead and filed the case under Section 138 of Negotiable instrument Act stating the criminality of dishonour of cheques. But, Contention of Accused seems to be that the restraint order passed by BIFR remains operative based on facts and circumstance, for instance, before the date on which the cheque was drawn or before expiry of the statutory period of 15 days after notice, a restraint order of BIFR under section 22-A was passed against the company then it cannot be said that the offence under section 138 NI Act was completed.
Here, It is evident from the action of the accused, that there is mala-fide intention to commit fraud on the complainant(supplier) as the accused initiated the above purchases of materials despite the knowledge of filing case with BIFR. Whereas, the accused is actually economically wealthy person and owning huge properties and owning various companies with same management.
The accused have proved to be habitual offender as accused has indulged in to same modus-operandi with other material supplier company.
What could be the remedy for ensuring the recovery of money and C-Form.
Filing a case of corporate Fraud
or can the liability be fixed on group company
or can BIFR approval be obtained as a Interim Relief for allowing the accused to release the fund(accused does not seems to be interested in payment).
Or a suit only under section 138 of NI Act.
Kindly advice your point of view.
Regards
Gurudath
9916123071
gurudath
17 January 2017 at 18:05
Respected Sir,
M/s.X is a company deals with M/s.Y Company. M/s.Y company issues post dated cheque which gets bounced back.
1. If the liability of Directors are unlimited or it is limited only to the company.
2. If the Director of M/S.Y company incorporate M/s.F Company, Can M/s.X sue the M/s.F as the directors are same.
Regards
Gurudath
9916123071
Ajit
17 January 2017 at 17:54
We reside overseas and are NRI owning a property in Gujarat.In order to rent the same on a short time basis of 11 months 1) what is better a lease agreement or Leave and Licence agreement? 2) After eleven months, if we want to renew the same for a similar period of 11 months, without visiting India, is this possible? 3) Where do we register the signed agreement? 4) What value stamp paper will be required for the agreement of Rs. 30,000/Month rent? Thanks a million in advance for the response to our questions.
anish
17 January 2017 at 17:52
Hi , i was issued a notice to appear before judicial magistrate . It was served to me by a cop from the concerned station . The thing is i am issued this notice for appearance regarding a case registered by me as a complainant against some of my classmates under section 323 334 ipc .the case was registered on 9/9/2004 against my classmates and i was the complainant but due family intervention a compromise was done between both of the parties and fir was quashed . Now i cant understand why i am issued notice under ucr section "untraced cancelllation report " . My close advocate is suggesting that it is nothing to worry and i dont even have to respond to this notice or present myself in the court the case will automatically be closed but in the notice it is written that quote "in default of your appearance on the date fixed the case shall be decided in accordance with the law " . My dilemma is whether go by my lawyers advice or to take it seriously whether i will be in the crosshairs of law if i dont appear thanking you in advance
Rishav
17 January 2017 at 16:35
I have signed a bond on Non-Judicial paper which states that if I break the terms and leave the company, I will have to pay all my salary plus 1 lakh money.
Can you help me whether they can legally take such an action against me legally
Anonymous
17 January 2017 at 16:24
Hi there is a flat on my father's name. The nomination of which is made on my mother's name. I have younger brother and mother as first degree relative. Now my father expired in May 2016. My mother and brother both want to give me the said flat. But I have to sign MOU saying that I will not demand any share in other property. Should I go for a gift deed or release deed from both as stamp duty and other charges do matter ?
Member (Account Deleted)
17 January 2017 at 15:48
Dear Sir/Ma'am,
As per the Law of Partnership it is illegal for a partner to dispose of the "Partnership Property" without the prior consent of the other partners.
Can you please provide me a case law where a partner disposed of the "Partnership Property" without prior consent of the partners and the court held that the "property" was to be reinstated to firm.
Please see: I am requesting a case law where the property was reinstated to the firm and not any other relief like damages/compensation for the same.
ravin umaretiya
17 January 2017 at 15:30
if stamp paper purchased in the name of partner can we make partnership deed on this stamp paper. is there any problem arise to register firm in rof
LCI
17 January 2017 at 14:01
Needed advice on how to proceed with seeking divorce after 13 years of unhappy life.
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Institute not returning my original certificates
Sir I was a student of NIT Goa MTECH Programme. At the time of admission the institute took my original certificates. They stapled my original certificates. Now I am discontinuing the college after 1 semester they are not giving my original certificates.They are asking for my GATE stipend which I was paid by MHRD for qualifying GATE. There is no such rule anywhere in admission brochure and on MHRD guidelines. What should I do ?