Recovery of debt from a pvt. ltd company
Yogesh Kumar Gulati
(Querist) 04 October 2014
This query is : Resolved
A pvt. Ltd. company owes our about 6 lac rupees for the cost of Diesel provided to them on Credit. We have obtained a Certified Copy of their Balance Sheet dt. 31.03.2013 from the Registrar of Companies office. In their Balance Sheet dt. 31.03.2013 they had shown Rs. 10 Lacs as Trade Payable to us. After 31.03.2013 they have paid us Rs 4 lacs by NEFT & cheques. Remaining Rs. 6 lacs is still outstanding. Thus the debts seems to be admitted one.
We have sent them many emails, sms & letters but they are not replying, However on phones they always requests time for payment. Recently we have sent them a Statutory Demand Notice for winding up of the Company under Company Act. The notice was served upon on 05.09.2014. However, they didn't bothered to reply.
Now, our query is -
1- What is the best option/recourse available to us ? -
a- A suit for winding up of the Company or
b- a regular civil suit.
2- What other documents we need to collect to prove our case ?
3- Whether, it is advisable for us to wait for another 2-3 months as the company has yet not filed their Balance Sheet for 31.03.2014 with Registrar of Companies and its last date is now 31.12.2014 or we should proceed immediately without collecting their Balance sheet for 31.03.2014
4- The Company has its registered office at Jabalpur. We, too hails from Jabalpur. So, where the winding up case needs to be filed?
5- The Company's balance sheet for 31.03.2013 shows that they have enough cash & bank balances but in order to dupe us they are not paying. Its directors have very poor payment reputation in business circles. They are doing so with many of the creditors. The applicant personally know atleat 3 of them.
6- whether summary procedure under order 37 CPC is applicable in our case ?
7- what are the chances of success in the case?
Please suggest.
Yogesh Gulati
DR.VEDULA GOPINATH
(Expert) 04 October 2014
Better you initiate winding up case which is more powerful than 37 cpc.
Please send me details to issue statutory notice.
dr vedula gopinath
ajay sethi
(Expert) 04 October 2014
file winding up petition . it attracts nominal court fees . if you file recovery suit you will have to pay substantial court fees . winding up petition has to be filed in jabalpur
Rajendra K Goyal
(Expert) 04 October 2014
Should file winding up petition at Jabalpur, it is better course of action.
Yogesh Kumar Gulati
(Querist) 05 October 2014
Thanks to all experts for their valuable advice. My counsel at Jabalpur had advised me to wait for some more time till the company files its Balance sheet before Registrar of Companies for 31.03.2014. And thereafter by filing a civil suit I can get decree very fast under Order 12 Rule 6 CPC as it will be an admission otherwise.
Is it proper ? Whether I have any additional option for simultanes filing a complaint with Ministry of Company Affairs/Company Law Board/Registrar of Companies. If yes under what section ?
ajay sethi
(Expert) 05 October 2014
if you file civil suit you have to pay court fees . in winding up petitions generally if company is financially sound it will settle your claim at stage of admission itself . and court fees in winding up petition is only Rs 500 .
Dr J C Vashista
(Expert) 06 October 2014
It is better to file suit for recovery by payment of appropriate court fees.
J K Agrawal
(Expert) 07 October 2014
Your advocate advised well to you.
In winding up petition the Balance sheet of company has no role.
A civil suit attracts Court fee but the same is burden upon looser.
You can avail both remedies at a time and simultaneously.
It is doubtful to me that if winding up petition stops the the running of limitation time or not? so if you are delayed in Winding up petition, you may loose the limitation period to file a civil suit at later stage.
T. Kalaiselvan, Advocate 
(Expert) 09 October 2014
Well advised by expert Mr.Agarwal, so it is better for you to wait as per your lawyer's advise and also follow the steps suggested by Expert Mr.Agarwal.
