Insolvency & bankruptcy and negotiable instrument act 138
Querist :
Anonymous
(Querist) 22 August 2017
This query is : Resolved
Dear All Experts
I need your help & Guidance regarding a Query
During on going opeations of the Company we 4 Directors have issued Cheques to Operational Creditors as PDC's to repay their payment but we cudn't repay due to non-availability of funds / non-support from promoters based out at london and one of the creditor filed I&B 2016 at NCLT against us.
"Operational Creditor" had made petition under NCLT Ahmedabad against our Company for Insolvency & Bankruptcy for which we received the acceptance or Order Copy on 10th April, 2017 from NCLT. The IRP - Interim Resolution Professional was appointed and the public notice was issued in newspapers for all the operational & Financial creditors to submit their claims on or before 3rd May, 2017.
Meanwhile the Liquidation process is on for the Company and the IRP is involved in valuating the assets of our company and recovering due payments form our clients, few of the Operational creditors have started filing 138 for Cheque bounces against us through Negotiable Instrument Act in individual names of Directors or against the one who signed the cheques (minimum 2 Signatories). I personally have 9 cases of 138 against me within a span of 1 month time now... requst you to kindly help me to overcome the situation because i o not have individual capacity to pay for the cheques which are bounced and this seems to be manipulated game against me or the past 4 directors by such operational Creditors and financial creditors are also harrasing us and threatening us now for legal proceedings.
We have agreed I&B by one Operational creditor as we 4 directors were employees and promotors didnt helped us at crucial / bad times and we accepted the NCLT order. and the order depicts "MORATORIUM" Period until the IRP comes with final resolution in our case or until 180 days. We are completely in soop because we are dealing with such 138 cases individually and this seems unstoppable with such increasing numbers.
All operation creditors have raised their claim to the IRP appointed and they are also doing 138 cases against us which is total harassment and what they want to prove by doing this that they want their claims two times / dual claim with such 138 cases against us and through liquidaton process... this seems a conspiracy to us . Can we apply "Moratorium" against 138 cases in NCLT or can file petition in NCLT for the negotiable instrument act or any other way out to deal such situation. as to what i have read and suggested , we are not getting any clear and convincing reply from anyone around us... in my opinion there should be a way to relief the directors against such acts . Please help me ... your guidance and suggestions are most urgent & Important to us.. please guide
Sunil Chaudhary
+91 91159 38685
Rajendra K Goyal
(Expert) 22 August 2017
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