I am a unsecured creditors of a company and having order from high court against this company for making payment , but after order they applied for BIFR . Now New BIFR Board Rejected their petition due to willfully hiding the facts in Form A of BIFR. Now What I should do for my payment . Should I go to high court again with BIFR order . or the same company can apply again in BIFR in 7 seven days as appeal and the matter will same as earliest . Please give us your best advice so I can get my dues.
Asked 11 months ago in Business Law from Kolkata, West Bengal
1) if you have obtained decree for recovery of your dues take execution proceedings for attachment of company property
2) in the alternative file winding up petition against the company
3) chances of appeal being admitted are bleak as company has suppressed material facts and not come to court with clean hands
File a petition for execution immediately lest they challenge the order of BIFR Board.
Since you have the high court order, you should approach the high court and file a contempt against the company.
it is highly likely that the company might appeal against the order of BIFR, but it is also likely that the Petition of the company will again be rejected.
contempt of court is the best way to get your money back as the promoters of the company might pay you back the money instead of going to jail which will be disaster for them at this point of time.
You can appeal agaisnt the company's decision;
You can file a winding up petition and get your dues;
Once the BIFR has dismissed the petition filed by the company you must swiftly swing into action for recovery without wasting more time on discussions about what is to be done, ask your lawyer to initiate fast actions in this regard before things go out of your hand.
you should file execution petition for order of the BIFR. filing of petition before the high court is wastage of time because case has decided in your favour.