I hold decree debt against a company through arbitration award. The debtor company has filed petition under section 34 to set aside the award.The case went on for 9 years and finally dismissed & decided in my favour now.
While the section 34 case was going on, the Directors have transferred some of its business assets to new companies formed by them and earning huge revenue. They have abandoned the JD company which has almost closed down with no assets left. The Directors are serial fraudsters, it seems and their Intention was not to pay up my award debt ! Proof for the fraudulent acts of the company are available to me through the company's public documents like B/Sheet. Frauds like the above are described as "phoenixing" and mentioned in Para 33 of the ‘Offences & Penalties’ section of MCA website.
What should I do for successful EP against this company with no assets at all !
