138 ni act and 420 ipc and drt proceedings
Dr.Gaurang N. Gandhi
(Querist) 22 July 2012
This query is : Resolved
Sir,
My client had lodged a complaint on a Company and its directors u/s.138.
1.on of the directors who had signed the cheque was not joined and we had made application jo join his name. will it affect negatively to us?
2. can we file a complaint u/s 420 against the company and all the directors directly in court?
3.A nationalized bank had taken symbolic possession of the property of the company by DRT proceedings. how can we claim our dues? can we join in DRT proceedings? if yes how? if no then how can we secure our claim?
please reply if possible give some authorities for DRT proceedings.....
........
M V Gupta
(Expert) 23 July 2012
1. Your application to join the Director who had signed the cheque in question should not affect the case.
2. 420 case can be filed if the facts warrant such a case. If cheque bouncing is due to circumstances beyond control of the Company such as failure of business or some other such cause 420 complaint may not be sustainable.
3. If the execution proceedings have been commenced, you should file an application before the Recovery officer of the DRT and submit ur claim. But as u will be an unsecured creditor, your claim will be considered for payment only after the banks claims are fully satisfied.
V R SHROFF
(Expert) 25 July 2012
Claim in DRT
420 MAY NOT SUCCEED.
Once Applied for joining name of Director, wait for Order on it, Case will be decided on Merit
