vikas (business) 01 November 2008

STATUS OF LOAN IN BIFR COMPANY

DEAR SIR

I HAVE GIVEN A LOAN OF RS 10 LACS TO A PUBLIC LIMITED COMPANY TEN YEARS AGO.FROM THE LAST FIVE YEARS THEY HAVE STOPPED PAYING ME INTEREST AND WHEN I ASKED ABOUT THE LOAN REPAYMENTY THEY SAY THAT IT IS IN BIFR. BUT TO MY KNOWLEDGE THE COMPANY IS RUNNING VERY NICELY AND ALL THE BANK LOAN HAVE BEEN PAID.

SO KINDLY TELL ME THE WAY OF GETTING MY MONEY BACK. I HAVE ALREADY APPROACHED THE HIGH COURT AND THEIR ALSO THEY SAY IT IS IN BIFR. CAN THE HIGH COURT HELP IN GETTINH MY MONEY BACK OR IS THEIR ANY WAY OF GETTING MY MONEY BACK

PLEASE REPLY AT THE EARLIEST

VIKAS

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4 Replies

Manish Singh (Advocate) 01 November 2008

if the company is under the BIFR process no other court can help you not either HC to get back ur loan. there must be revival scheme going on to stand the company up again. you lodge ur debt with the BIFR and you shall be properly compensated.

Manish Singh (Advocate) 02 November 2008

one more thing you can do that is after taking permission from the bifr, you can file a suit to DRT for recovery. whether to take oermission from the bifr or not is going to settled soon by the apex court in next couple of months,

vikas (business) 03 November 2008

THANKYOU FOR YOUR VALUABLE ADVICE.

PLEASE TELL ME THAT WHAT IS THE PROCEDURE FOR APPLYING IN BIFR.

ALSO I HAVE 10 % OF THE TOTAL EQUITY OF THE COMPANY AND I M NOT BEING ALLOWED TO ENTER THE COMPANY. THE COMPANY IS BEING REGISTERED IN LUDHIANA (PUNJAB)

KINDLY TELL ME THE WAY AND I WILL BE HIGHLY OBLIGED

VIKAS