I have given a company an unsecured loan of Rs 20,00,000. They have defaulted on their repayment and have not paid any amount for the last 4 years (including interest). Every year I have new loan confirmations however they have not even deposited the TDS amount in the last 3 years on the interest payable. The company has very few assets- less than -Rs 10,00,000 and keeps asking for more time. I am in urgent need of this money and I want to know if there is any legal redressal possible? Please offer any advise?
Understand your limitations and your urgency and volume of the amount involved, handover the recovery process to an expert advocate that knows company law. Certainly, this is a better option for you than learning the process of recovery through online forums. and you can afford this much amount.