Court decree for recovery
atul mehta
(Querist) 15 August 2013
This query is : Resolved
A pvt ltd taken loan from MNC finance company, failed to repay, arbitration award was made and civil court gave decree for recovery, the finance company came with bailiff of court for recovery and threatened to take away furniture,we had issued post dated cheque which is bounced, now what remedy we can take to safe guard as we have no money and have failed in business and lost all the capital. please advise also we have signed on blank papers also we had issued cheques for which they have filed cases under NI section 138
Devajyoti Barman
(Expert) 16 August 2013
Since award is passed you have to either comply the decree or to go to jail .
atul mehta
(Querist) 16 August 2013
any options left as have no money to comply and do not want to go to jail as have family also what is the possible jail term,please inform, there should be a option.please help
Thanks and regards
Raj Kumar Makkad
(Expert) 16 August 2013
It shall be better for applying insolvent which in turn shall stop entire execution proceedings and thereafter the matter shall be duly resolved.
atul mehta
(Querist) 16 August 2013
Thank you very much for the remedy,god bless you.are there any issue later by insolvency.
Thanks once again
Rajendra K Goyal
(Expert) 16 August 2013
No very big issue would be there, not bigger than you are facing now. Well advised by the experts.
Raj Kumar Makkad
(Expert) 16 August 2013
Most welcome from your side. Insolvency is bigger issue in the eyes of general public but you have no other option but to apply for it.
