krishnarajpr (n/a) 29 October 2009

BIFR CASES- UNSECURED CREDITORS- QUERY

DEAR SENIORS,

WE ARE ONE OF THE UNSECURED CREDITORS OF A PSU WHICH HAS BEEN DECLARED SICK UNDER BIFR . THE RESULT FOR THAT PSU IN THE BIFR WEBSITE SHOWS "DECLARED SICK/DRS AWAITED"

WE REQUEST THE SENIORS TO GUIDE AS WHAT WE SHOULD DO NOW. THAT IS TO SAY:

1. WHETHER WE NEED TO FILE ANY PETITION STATING THAT WE ARE ALSO UNSECURED CREDITORS.

2. ALTERNATIVELY, WHETHER WE SHOULD INFORM THE PSU THAT WE SHOULD BE ADDED AS PARTIES IN THE PETITION IN BIFR.

ADDITIONAL INFORMATION: WE HAVE TAKEN CONFIRMATION OF BALANCE IN THEIR ACCOUNTS AS ON DATE.

PLEASE GUIDE.

REGARDS,

PRK

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2 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh) 29 October 2009

You should file a petition before BIFR directly and not through PSU though the matter shall be referred to Liquidator by BIFR but your should closely monitor the case and should again move a separate detailed petition before Liqidator so that suitable amount proportionately may be given to you after deducting all secured loans etc.

PJANARDHANA REDDY (ADVOCATE & DIRECTOR) 30 October 2009

UNSECURE LOANS REALISATION WILL HAPPEN, ONLY ANY SURPLUS AMOUNT LEFT AFTER SECURED , I THINK IT IS VERY DIFFICULT, BUT LAW CAN HELP IN GETTING PROPORTINATE SHARE.