Rohit Mittal (VP) 15 September 2011
Dear All
We were supplying our product to a party in Maharastra. The party is now unable to pay anyone and is bankrupt. Is there any legal suit we can file against him to have a claim on the debt.
I have heard if w dont respond in some limit, we will not have any right on it.
Kindly guide us.
vinayak (employed) 16 September 2011
Is that person to whoem you are supplying goods is company or individual?
In case of company you can file your claim before lequidator of company
Rohit Mittal (VP) 16 September 2011
Hello
It is against a company. What is the exact process of filing the claim
vinayak (employed) 16 September 2011
Issue a legal notice to company at its registred address and to its directors also
In case that company is registred with ROC and if your claim is for more than one lac then you can even issue sec. 434 creditor winding up notice too
RK MEHTA (DEPUTY GENERAL MANAGER - LEGAL) 16 September 2011
Dear Rohit,
Before you decide to take legal action for recovery against a company, you should be doubly sure that the company would have sufficient means to pay the debt. In case of winding up proceedings you would have to make expenses and in case winding up is ordered, all the unsecured creditors shall share the assets, if any. As a fundamentla rule, the debt of a company can be claimed only from the company and not from any of its share holders or directors. The idea is that you should not be spending good money for bad debts. Take a considered decision.
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