Recovery

AAK (Querist) 23 November 2011 This query is : Resolved
Dear Experts

My client is a X company. I have sent notice to Y company demanding claim of Rs.2 lacs. The acknowlegement returned unserved. Now very recenlty from news paper it came to know that one Bank has seized [throgh DRT] the property of Y company and there is auction sale of the properties of the Y company on 05-12-2011. Now what is the remedy available to X company for recovery of amount? whether company petition for winding-up is to be filed? is it going to serve purpose?

Thanks in advance.

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jitender pawaria (Expert) 23 November 2011
which type of claim towards the Y company.
if u have bill, written contract, Hundies and promissory notes u can file a suit for recovery under 37 of cpc.

Rajeev Kumar (Expert) 23 November 2011
I do agree

AAK (Querist) 24 November 2011
If i file a suit for recovery, it will b just a paper decree. Till the time i get decree auction sale will be done. what is the purpose in filing recovery summry suit?

prabhakar singh (Expert) 24 November 2011
INITIATING WINDING UP PROCEEDING IS THE RIGHT WAY TO MEET FACTS YOU HAVE BEFORE YOUR SELF.

DEFENSE ADVOCATE.-firmaction@g (Expert) 24 November 2011
Winding up petition will be lengthy and costly procedure. You must intervene with auction sale as one of the creditor.

DRT has fast procedure and once the property is auctioned the winding up action will have no meaning.