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Chintan Shah   03 October 2016

Reply for bifr cases - co. is not paying money of goods used

We are one of Unsecured creditor of the ltd. company which is registed in BIFR in 2010 (Current Status of the company in BIFR is Declered Sick / DRS awaited ).

1. The company has two devisions at same place and we were suppling the materail to both the divison since 2007 to 2014 and company had made payment upto 2012. Our Dues are form 2012 to 2014. 

2. After 2012 one division of the company is closed and secound division is still running. 

3. The company when registered in BIFR has not informed us about it, and was takeing materails for  us and doing payment also but since 2012 they are not paying the payment of Goods already used by them during the period.

Question is :-  1.) Can Company get protection under section 22 of SICA? 



Learning

 2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     04 October 2016

 protection under Section 22 of the SICAAct was available to a guarantor also.

Kumud Prasad   07 October 2016

Hi chintan you will get protection under SICA

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