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amit (partner)     11 September 2015

Recovery from company under liquidation

We are ssi unit & we have supplied material to large company. The company has not paid our dues & we went to MSME facilitation council. Council has given decision in our favour & a decree has been issued for recovery of principal amount & interest as per MSME act. 

But the other creditors has applied for WINDING up of company at Mumbai high court. Before the decision of MSME Fecilitation council in our favour, Mumbai high court has appointed liquidator .

Now, we want to know that how can we recover our money from the company ? Company has not shown us creditor in their balance sheet & they have also not prepared their BS for last 2-3 years.

We have written a letter to Official liquidator with Council orders. 

Pls. Guide us that Whether Facilitation council orders can supercede Mumbai High court orders ? Whether we can perform our decree thru local administration on their property at Indore ?

Thanks.



Learning

 3 Replies

Kumar Doab (FIN)     11 September 2015

You may consult an able counsel specializing in ‘Company Affairs’.

You have written to the ‘Liquidator’ and you might be included in the list of Creditors.

You may find the following thread relevant:

 

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

 

https://www.lawyersclubindia.com/forum/Money-recovery-suit-against-a-sick-company-124317.asp#.VfLwEX1-jMo

 

2BHelpfull (Other)     12 September 2015

Originally posted by : amit
We are ssi unit & we have supplied material to large company. The company has not paid our dues & we went to MSME facilitation council. Council has given decision in our favour & a decree has been issued for recovery of principal amount & interest as per MSME act. 

But the other creditors has applied for WINDING up of company at Mumbai high court. Before the decision of MSME Fecilitation council in our favour, Mumbai high court has appointed liquidator .

Now, we want to know that how can we recover our money from the company ? Company has not shown us creditor in their balance sheet & they have also not prepared their BS for last 2-3 years.

We have written a letter to Official liquidator with Council orders. 

Pls. Guide us that Whether Facilitation council orders can supercede Mumbai High court orders ? Whether we can perform our decree thru local administration on their property at Indore ?

Thanks.

 

u has received the decision after the passing of liquidator order by the High court.

 

COMPANIES ACT,1956

Sec.446. Suits stayed on winding up order. (1) When a winding up order has been made or the Official Liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced. or if pending at the date of the winding up order, shall be proceeded with, against the company, except by leave of the Court and subject to such terms as the Court may impose.

 

 

sec. 453(6) Any person stating, himself in writing to be a creditor or contributory of the company shall be entitled, by himself or by his agent, at all reasonable times, on payment of the prescribed fee, to inspect the statement submitted in pursuance of this section, and to a copy thereof or extract there from. (7) Any person untruthfully so stating himself to be a creditor or contributory shall be guilty of an offence under section 182 of the Indian Penal Code; (45 of 1860.) and shall, on the application of the Official Liquidator, be punishable accordingly. (8) In this section, the expression "the relevant date" means, in a case where a provisional liquidator is appointed, the date of his appointment, and in a case where no such appointment is made, the date of the winding up order.

 

 

AS U R NOT MENTION IN THE LIST OF THE CREDITOR WRITE TO THE OFFICIAL LIQIDATOR /AND THE COURT WHICH HAS APPOINTED THE LIQUDATOR. WITH ALL THE SUPPORTING DOC.

Saurendra Rautray (advocate)     05 September 2016

Dear Sir,

As per companies act you would not be considered as secured creditors hence you would be way behind the line when it comes to payment if the company is wonded up. First the secured creditors shall be give the prefrence over you along with the dues of the employees of the company. 

Regards

 Saurendra Rautray 
Rautray & Co
New Delhi
www.rautray.com 
09437008255 

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