APPEAL OF BIFR IN A.I.F.R

vikas (Querist) 19 December 2008 This query is : Resolved
DEAR SIR,

I HAVE GIVEN A LOAN TO A PUBLIC LIMITED COMPANY FOR THE LAST 15 YEARS. NOW WHEN I WANTED MY LOAN BACK THEY FIRST TOLD ME THAT THE COMPANY IS IN B.I.F.R. BUT WHEN I CONTACTED BIFR IT WAS FOUND THAT THE COMPANY HAVE RELEASED FROM BIFR 2 MONTHS AGO.

NOW THEY ARE SAYING THAT THEY HAVE FILED A APPEAL IN AIFR AGAINST BIFR ORDER.CAN U PLEASE TELL ME THE PROCEDURE OF AIFR AND HOW CAN I GET MY MONEY BACK

WAITING FOR REPLY

VIKAS

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Guest (Expert) 19 December 2008
You can implead yourself in the AIFR proceedings being a creditor and seek a remedy. How is that you were not considered in the BIFR.

Manish Singh (Expert) 22 December 2008
look you cant plead your debt at AAIFR. the appropiate authority shall be the BIFR where the proceedings shall be reverted afetr the AAIFR decision. if the AAifr doesnt hold the company to be sick and entitled for rehabilitation under SICA, it will dismiss the appeal otherwise it wil direct the BIFR to approve the reference. then after you approach the BIFR and you will be properly compensated.

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