Company and credit society, jurisdiction of court/tribunal

Divya (Querist) 28 May 2018 This query is : Resolved
Respected Experts

A director had to pay me money arising from a commercial contract.
Director was the MD of company and held shares and assets in his name jointly with the company.
In due course, director and company secretively sold off their immovable asset to evade making payment to me.
Property was fraudulently sold to a multi-state credit society

Question:
Can a company tribunal exercise jurisdiction to decide the entire sale transaction between company and credit society?
If situation demands and its not possible to cancel the sale, can the company tribunal exercise jurisdiction making the credit society liable for making payment to me?

If not the tribunal who can take a decision for deciding the disputes of all actions of credit society?

Please advise

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Guest (Expert) 28 May 2018
First in a very convincing and amicable manner try and take a genuine Valid Cheque from that Person and once the cheque gets bounced you could sue him in Sec 138 which would fetch a legal remedy at a faster rate,

Guest (Expert) 28 May 2018
Your Question would be practical but result and time to complete will not be guaranteed. Discuss with local Advocate.

Ms.Usha Kapoor (Expert) 29 May 2018
I Agree with NJS Raj Kumar alias Narasimha.

Guest (Expert) 29 May 2018
I don't think your query pertains to any of your personal problem or even some real case.

However, if in anyway you are related with the problem, your claim is not maintainable on the multi state credit society, as that does not seem to be involved in any way with your deal with the company director or the company.

At first, unless the shares were pledged or mortgaged against your dues, the sale of shares and property to the credit society cannot be termed as fraudulent. So, neither the company tribunal can exercise its jurisdiction over the credit society, nor can recover even a single penny from that entity merely to satisfy demand for your dues against the director or the company.

Secondly, even if you try to get a cheque from the director, as advised by one expert, the director cannot be such an idiot to give you a cheque, who preferred to sell his shares and properties to avoid payment to you. However, you may try your luck.