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Devrishi Vijan (--)     26 March 2011

rULES OF bOM hC RECEIVER

MATTER RELATED TO BOM H.C. RECEIVER

THIS QUESTION IS RELATED TO A PARTNERSHIP FIRM IN WHICH MY BROTHER, MY MOTHER AND I AM PARTNERS. AGENT TO COURT RECEIVER IS TO BE APPOINTED BY WAY BIDDING AS PER BOM HC ORDER.

THE COURT RECEIVER TOOK FORMAL POSSESSION OF THE BUSINESS AND ASSETS OF THE FIRM TWO MONTHS BACK AND AS I WAS ALREADY RUNNING THE BUSINESS FROM THE BEGINNING OF THE PARTNERSHIP, AND THAT I WAS IN POSSESSION OF THE SAID FIRM WHEN THE COURT RECEIVER TOOK FORMAL POSSESSION, HE APPOINTED ME AS THE ACTING AGENT OF COURT RECEIVER TILL THE BIDDING TOOK PLACE. WHEN HE TOOK FORMAL POSSESSION, THE BANK BALANCE WAS RS.400K AND THE STOCK VALUE WAS RS.400K.

I WON THE BID FOR RS.800K P.A. AS ROYALTY TO BE DEPOSITED WITH THE COURT RECEIVER. THE ACTUAL PROFIT OF THE FIRM FOR THE LAST 2 YEARS IS RS.300K. THE QUESTIONS ARE AS FOLLOWS:

1. TO WHOM IS THIS ROYALTY PAYABLE TO:

a. ALL PARTNERS INCLUDING ME,

b. OR, THE PARTNERS EXCLUDING ME.

2. WHO WILL PAY INCOME TAX ON THIS ROYALTY:

a. WILL IT BE DEDUCTED AT SOURCE,

b. OR, IT WILL BE PAID BY THE COURT RECEIVER?

3. WHAT SECURITY DEPOSIT WILL THE COURT RECEIVER ASK ME TO PAY?

a. WILL IT INCLUDE AN ADVANCE OF 2-6 MONTHS ROYALTY?

b. WILL IT INCLUDE SECURITY AGAINST ASSETS OF THE FIRM?

4. I WENT ON TO OVERBID TO STAY IN POSSESSION. DO I HAVE ANY RELIEF BEFORE THE ARBITRATOR TO GET THIS BID REDUCED?

5.AM I SUPPOSED TO PAY ROYALTY FOR THESE TWO MONTHS AS PER THE BID. SINCE I WAS THE ACTING AGENT OF COURT RECEIVER.

KINDLY HELP ME IN THE MATTER.



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