Recovery from debtors
Rohan
(Querist) 06 January 2017
This query is : Resolved
One of my debtor has 60 lakh remaining in my firm.
It is not repaying that amount.in my audit report as on 31 March 2016 it has balance of 33 lakh. In 1st quarter of 2015-16 sale of 27 lakh also made to that party.
Now I want to get that money from that debtor.
I want to ask that what results can be there if I file a case against the party in court????
It's urgent for me
Rajendra K Goyal
(Expert) 06 January 2017
The outstanding is heavy, filing recovery suit would be time and huge cost is involved.
Hence, casual query may not solve the problem, it is better, state clear material facts and / or discuss with some senior lawyer in the field for guidance.
Adv. Yogen Kakade
(Expert) 07 January 2017
Mr. Rohan,
Do not worry. As you mentioned that the audit report shows the amount is outstanding from the said person, it seems you have evidence to show the transaction towards the consideration amount is outstanding. You can certainly file a recovery suit for the entire outstanding amount along with the interest thereon and the cost and expenses.
Appoint a good lawyer to help you.
Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in Call: 09225510883
Adv Prashant
(Expert) 07 January 2017
Your case is not out of limitation period and you have a good proof in shape of Audit report. have you any agreement with such debtors that would have been an added advantage.perhaps you may go to take shelter of civil and criminal court for recovery of your money.
BESIDES.....if you are unable to recover this huge amount , you shall be allowed to claim this full amount as bed debts( Supreme Court Judgement: Trf Ltd vs Commnr. Of Income Tax on 9 February, 2010 that assessee can fully claim bed debts and he dont need substancite his claim ) and if any loss showed in your annual accounts of that year, you can carry forward such losses to next years for adjusting against future business profits.
Guest
(Expert) 07 January 2017
Mr. Rohan,
Either the amount of debt of 60 lakh against the debtor is wrong, or your audit report for 2015-16 with debt balance of 33 lakhs is wrong, or your sale of Rs. 27 lakhs in 1st quarter of 2015-16 to that party is wrong, or you have no proper control over debt recovery before making sale for the huge value of amount of Rs.33 laks to the same party, or you have posted quite a vague academic query.
So, please reconcile with your figures at first.
Thereafter, if there is any truth in your story, you may have to hire services of of some local lawyer to take up the issue legally by showing him all the accounts & sales documents, as the amount of Rs.60 lakhs of debt with the same party is not a petty issue for recovery.
By the way, what is the total subscribed capital of your firm?
Rajendra K Goyal
(Expert) 07 January 2017
Accounts are yours, audit report is based on your accounts, can not be termed as concrete proofs of your outstanding recoverable amount.
Loan / outstanding has to be supported by bills, orders received, dispatches, goods received, their acknowledgements, your correspondence, bank account etc. and many other factors.
If his accounts / audit report is showing the amount payable to you, it can be helpful , your accounts are only supportive proofs.
Sudhir Kumar, Advocate
(Expert) 07 January 2017
what is your profession?
how & why debt was created?
how the person is related to you?
When was the repayment due?
Any loan document/promote made.
The replies top these question will give material to experts for further reaction.
Rajendra K Goyal
(Expert) 08 January 2017
Author need to provide basic information related to query as required by the expert Sudhir Kumar.
Dr J C Vashista
(Expert) 13 January 2017
A commercial query, if the story is true, which is, prima facie fabricated, consult and engage a local prudent lawyer.
Guest
(Expert) 13 January 2017
The author has not come forward with any clarification for the last 5 days. That itself proves that his query was fictitious.
