Anonymous
22 November 2020 at 17:39
I have a decree debt against a company through arbitration award. The debtor company has filed petition under section 34 to set aside the award.The case is still pending after 5 years. Meanwhile Directors are transferring its profitable business to sister companies,which they control, and conduct the original business through these sister companies. The debtor company has almost closed down with hardly any assets left. Intention is not to pay up my debt,it seems. Proof for these fraudulent acts of the company are available 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 while the section 34 appeal is pending ?
Anonymous
11 June 2020 at 18:38
I hold decree debt against an unlisted PLC,but company has stayed the execution for the last 5 years. Meanwhile promoters have abandoned the company, siphoned off almost all its assets, and floated new companies to carry on the old business ! Old company is still Active in MCA records.
Understandably this is Fraud by company promoters under Indian company Law,called 'Phoenixing' !
How do I make the errant Directors too liable ,apart from the company, as and when we file the EP against the PLC ?
Do I file a seperate EOW case for this prayer or will the EP court itself will hear this prayer ?
Anonymous
30 April 2020 at 17:09
dear learned experts,
Shortly I plan to file an EP against a public limited company for executing an arbital award (money). But I learn that the company is left with no assets to meet my claim.
While filing the case,can I pray the court for piercing the corporate veil of the company and make the Directors personally liable too,if I can submit proof for such misdeeds of the Directors ?
Anonymous
28 April 2020 at 18:37
I am a creditor of a Company which has been mismanaged by the Directors who siphoned off its assets. These facts are apparent from its Balance sheets etc which are available in public domain.
As a Creditor(not a share holder) ,who do I go with a complaint about the affairs of the company, a Civil Court or the NCLT ?
Secondly the Company has not filed any annual returns etc for the last two years and hence I dont have the latest status of the this Company ! As a Creditor can I complain about this fact to the MCA ?
I have apprehension that the Company is trying to close down after manipulating the account books etc shortly !
Tom
11 December 2017 at 13:35
Dear Experts, Is it always the petitioner who lists the properties of the Debtor in the EP ? Is there any recent Citation/Judgement by which the Debtor can be asked to file the list of his assets/properties ?
Tom
05 December 2017 at 20:21
I won an arbitral award against a PLC. The PLC has appealed under Section 34 as delaying tactic and which is likely to be decided soon in my favour. The PLC has no assets & no book value ! But the Directors have personal assets.
Q1. How do I proceed with a meaningful Execution Application in this case ?
Q2. Can I simultaneous approach Company Tribunal with a Winding Up application ?
Tom
07 August 2017 at 23:22
Dear Experts, I hold an arbitration award against a Pvt Ltd Co. The MD of the Co has siphoned off the funds because he has total control of the Co through other directors who are his wife & son. Currently the Co has very little assets and so what do I do with the award ? At the same time he has personal immovable assets in his name. Can I list his personal assets too in the Execution Petition ? Thanks
Tom
23 November 2016 at 06:25
One of the CC case is staus listed as:
Business on Date- 20/4/2016;
Hearing Date - 22/4/2016;
Purpose of Hearing- Order /Judgement.
Does it mean that the case is finally disposed off ? But the order /Judgement is not available in the e-court web site.
How do i get a copy of judgement, being not a party to the case !
Tom
07 September 2016 at 01:05
Dear Experts,Self & Wife are purchasing a Flat as co-owners with equal share and as co-borrowers of bank loan. Should there be any specific wordings in the sale deed which will ensure Joint Tenancy and Survivorship for us with out any doubts ? Or simply mentioning our names as buyer 1. and buyer 2. is good enough ?
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Pan card
Respected Experts,
We are an charitable & welfare Association (AOP) and got a PAN card issued last year. This year we registered our AOP as an 1860 Society. Do we have to apply for a new PAN card because of this Status change pl ?
Secondly while retaining the 1st PAN, can we apply for the 2nd PAN and return the 1st PAN soon after receiving the 2nd one ?
Thks,Tom