Filing of bankruptcy for a pvt ltd company in bangalore, karnataka.
Suresh J
(Querist) 23 May 2013
This query is : Resolved
Hi All,
I want to know if Bankruptcy be filed for a pvt ltd company in the situation mentioned under:
The Software company Closed its operation in the month of November 2012. The employees and investors are after the Managing Director for the salary and the money back.
Already an FIR is filed by police under section 420 and 406 as per the complaint given by the investors.
Kindly advise.
KUMAR JAGADEESAN
(Expert) 24 May 2013
Dear Mr.Suresh
The company may apply to the Jurisdictional HC for winding up on the ground of being unable to pay the debts under Section 439 of the Companies Act,1956.
However this may not give any immediate relief from the criminal cases filed under IPC as stated and the company and its MD have to go through defending themselves in the cases.
J.KUMAR
Hyderabad
DEFENSE ADVOCATE.-firmaction@g
(Expert) 24 May 2013
Dud companies are weeded out in routine now by ROC.
You have to face criminal action if proper cases are made out. No respite from such cases .
Try to defend with good legal aid since the same may go on for long long time.
ajay sethi
(Expert) 24 May 2013
the issue involved is as to whether case of cheating is made out as alleged in criminal complaint . you have to fight case on merits
R.K Nanda
(Expert) 24 May 2013
agree with experts.
Shashikant V. Patil
(Expert) 24 May 2013
The investors and employees have to patient as this will take a lot of time. ROC has to liquidate it's property and pay to employees their dues.
Suresh J
(Querist) 24 May 2013
Thanks to all for the reply.
R.V.RAO
(Expert) 23 March 2014
agree with sri kumar j.
