Recover unsecured loan given to the company.

varun (Querist) 24 April 2017 This query is : Resolved
Hi,
I have given Rs200000/- unsecured loan to a pvt. limited. company (one of my relatives) in 2012 at an interest of 18% per annum which is duly acknowledged in the balance sheets of the company till date (Principal Amount only). But I don't have any document for the interest committed by the directors. Now, the directors of the company are not paying the interest. They are even denying the payment of Principal amount on account of financial position of company although directors are drawing a salary of Rs100000/- per month which is also mentioned in the balance sheets filed with MOC. The loan given by me is still acknowledged in the balance sheet filed with MOC i.e. FY 15-16. I want to know what are the legal remedies I can exercise to recover my loan amount?

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TS Makkar (Expert) 24 April 2017
If they admitting their inability to pay debt due to their financial condition and you have some proof like an email of this, you can file for winding up of company

Guest (Expert) 24 April 2017
You may issue legal notice, but still return of your money or interest will remain at the mercy of the company.

Ms.Usha Kapoor (Expert) 25 April 2017
Agree with experts.

Rajendra K Goyal (Expert) 25 April 2017
May proceed to take steps for winding up of the company if not returning your money. Discuss full procedure with your lawyer.

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