creditor.....

kk (Querist) 31 January 2009 This query is : Resolved
Sir i m creditor of my company and it went under BIFR scheme and now on settlement of dues they are giving more priority to payment of dues of banks and we (creditors)are paid very minimal amount yet ..so my query is whether my full dues will be paid ???
can i ask for early repayment and can i file suit for same??

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ARVIND JAIN (Expert) 02 February 2009
No.IT will be paid as per the priority only. you can not get the full amount in any case.It will be pro rata basis.

kk (Querist) 02 February 2009
what is priority given in case company goes to liquidation

RAKHI BUDHIRAJA ADVOCATE (Expert) 04 February 2009
Arvind Sir, is absolutely right.

kk (Querist) 04 February 2009
what is priority given in case company goes to liquidation

PALNITKAR V.V. (Expert) 05 February 2009
If a company goes to liquidation, the priority is to the loan which creates first charge.

kk (Querist) 06 February 2009
but as per companies act it is workers dues and secured creditor parri pasu as 1st priority
then liquidators exp
then govt dues
then unsecured creditors
then shareholders

am i right ????

ARVIND JAIN (Expert) 12 February 2009
i have already said that "IT will be paid as per the priority only. you can not get the full amount in any case.It will be pro rata basis".

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