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Prasham (Proprietor)     04 July 2017

Help with insolvency of company

Hi,

 

We are a supplier to a company in UP. Our current outstanding against the supply is Rs. 4,00,000/- while another Rs. 6,00,000/- are stuck in raw material and semi finished goods procured / processed against their order. Now the company hasn't paid since more than a year now and recently they have gone to NCLT, Allahabad for Insolvency.

NCLT has accepted their application and a Delhi based Insolvency Professional (for interim period) has been appointed for the process. Against their advertisment in the newspaper we have sent our claim for the above mentioned items through email as well as Registered Post. 

We have tried to get some info in context to the case like getting list of creditors, total outstanding etc but the insolvency professional isn't co-operative and I believe the company may have bribed him. The company went to BIFR during 2002 and played the similar tune then and didn't pay any money to the suppliers. 

What should I do to assure that I can get my money? 



Learning

 10 Replies

Law Aspire (Legal)     04 July 2017

Dear Sir

You are an operational creditor and unsecured i believe.
The Insolvency resolution professional will call a meeting of creditors in which you will asket to present your claims .

The meeting will decide the further course of action.

You just keep the copies of all documents and recipts of speed post and registered post in safe custody with you.

1 Like

Kumar Doab (FIN)     04 July 2017

If he is not under obligation to share the info with you then you can make a request,only.

Prasham (Proprietor)     04 July 2017

I am a small supplier who would probably owe less than 10% of the total debt of the company hence do you think that hiring a lawyer at this point be any beneficial?

Pole Smith (SEO)     05 July 2017

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Kumar Doab (FIN)     05 July 2017

By submitting the communication under proper acknowledgment you might succeed to join list of creditors.

 

As already suggested and appreciated by you, you may show all docs, agreement signed by you, communications, evidences on record to a very able local senior counsel specializing in such/company matters for a considered opinion.

Kumar Doab (FIN)     05 July 2017

This is altogether different filed of law and at each location there are a few counsels that specialize in it and they are very well known.

Usually such matters are referred to them by any counsel worth his/her salt.

Lawyers handling civil matters usually do not meddle in such matters.

Inquire locally for such counsels and you will have a list of all such few counsels at your location.

Chose carefully, a counsel that suits you.

Use the inputs received by you in this thread in your future endeavors.

Online discussions have its own limitations and are not substitute for considered opinion and consultation with due examination of relevant docs and inputs in person with a counsel specializing in respective field of .

 

There are endless numbers of threads at LCI also by unsuspecting querists that have been fleeced by posers posing as expert lawyers.

 The discussions at LCI are FREE and should not be exploited as a medium to allure unsuspecting querists to pay a FEE in the name of so called consultation……………

1 Like

Kumar Doab (FIN)     05 July 2017

 

There are many threads on similar queries that you may find relevant and useful and can be searched in SEARCH option e.g;

 

https://www.lawyersclubindia.com/forum/Company-in-liquidation-77247.asp#.VbCxFrV-jMo

https://www.lawyersclubindia.com/forum/Money-recovery-suit-against-a-sick-company-124317.asp

https://www.lawyersclubindia.com/forum/Recovery-from-company-under-liquidation-126933.asp

 

Discuss with your own local counsel in person.

1 Like

Pole Smith (SEO)     05 July 2017

great post

 

Kumar Doab (FIN)     10 July 2017

You are welcome.

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