a person is liable to make payment for his dues to us, but have no money. Whereas he has a Hotel Business in the name of a company. And he is taking a ground that the business is in the name of company, so we cant make claim from his company being a separate legal entity.
can we apply the percing of corporate veil here ?
Please do refer some cases too .
1. IF you can documentarily prove that your borrower has dominant share holding in the co. and/or he is receiving some amount as profit /renumeration /share in said Co., THEN you can initiate civil court attachment proceedings for the said profit /renumeration /share in said Co. (but cannot attach co, as an entity. Check out the Balance Sheet & schedules of the Co., to get a clear picture of his share in the Co.