Occupation of properties under dispute

Querist : Anonymous (Querist) 06 September 2011 This query is : Resolved
I was a employee of a Pvt. Ltd. company that went into liquidation in 1982. Employees salary, funds, gratuity, insurance remain unpaid even today. In my case it comes to over Rs. 7 Lacs as in 1982. Some executives like me were alloted residential accomodation which are still under our occupation while almost all the assets have been disposed surprisingly the said properties in occupation of few executives have not been attached.

My question is (One) what are the laws governing liquidation of assets can the residence under my occupation for which I have been paying all dues for the last 29 years can be ceased or attached. (Two) What is the legal procedure to officially take cutody of the said premises and become its lawfull owner.

Follow Query

Report Abuse

R.Ramachandran (Expert) 06 September 2011
If the property, where reside, is the property of the company, the same can be attached and taken over by the official liquidator. Your paying your dues for any number of years will be of no consideration. Ultimately the property is that of the company under liquidation and not yours. Therefore the Official Liquidator can definitely have the property attached, taken over, dispose off etc.

You will not be able to become lawful owner of the said premises by virtue of your paying your dues, or being in occupation for such a long time, or due to the fact that the Company owes more than Rs. 7 lakhs to you by way of salary etc., in the year 1982.

Querist : Anonymous (Querist) 06 September 2011
Sir, all the properties in the records of the company have already been liquidated including residential properties of the directors and chairman have been ceased and liquidated over 25 years back, is there a specific term or period for which liquidation laws are valid/applicable.