Liquidator appointed on sootgirni
shrikant
(Querist) 11 August 2016
This query is : Resolved
Respected Sir,
Liquidator appointed on sootgirni,Electricity department raise claim towards demand of electricity Electricity bill to the liquidator.Liquidator informs that property of sootgini has been seize by the bank so they are unable to satisfy the claim.Now the bank is going to auction the property then what action to be taken to recover the amount of electricity bills from bank please reply
rajeev sharma
(Expert) 11 August 2016
once a liquidator-is appointed on a property of a company all the property vests in the liquidator.if bank has any charge on the property it may proceed to sale the property with with the permission of liquidating court.every creditor of the company will have to prove its claim before the liquidator and the distribution of the proceed of the company will be distributed as per provision of the companies Act. Electricity company too will have to prove its dues before liquidator
Kumar Doab
(Expert) 11 August 2016
Join the list of creditors.
Kumar Doab
(Expert) 11 August 2016
You may go thru:
The stacking order of priorities in secured lending
http://www.lawyersclubindia.com/forum/Company-in-liquidation-77247.asp
Kumar Doab
(Expert) 11 August 2016
You may go thru:
The Companies Act, 1956
530. Preferential payments
http://www.vakilno1.com/bareacts/companiesact/s530.htm
Kumar Doab
(Expert) 11 August 2016
What is the opinion of your own counsel engaged by the establishment?
