Hello,

At this stage you can send a legal notice to the company and thereafter you can file a case of winding up for a speedy recovery being a creditor of the company.

Regards

Issue legalnotice to company to pay your dues

2) if company fails to pay take legal proceedings before MSME council in my

Bail to recover your money with interest

3) you should get order from MSME in 2 years time

4) on the event company takes legal proceedings to set aside award it would have to deposit 75 per cent of amount awarded in court

Dear Client,

Under the MSME Act, recovery towards delay payment is specifically given u/s 15 to 18 of the Act with interest.

If no written agreement as to the date of payment still it cannot be more than 45 day. Make reference to Micro & Small Enterprises Facilitation Council.

Please send the company a legal notice for overdue payment to be released in a specific period along with interest and legal chargesand specifically maintain on non payment the legal action will be initiated.

If not then you may complaint in the exchange regarding the agreed outstanding payment due from the company and file a writ petition in High Court as well to make pressure.

Hi

Since the defaulter is a listed company, the fastest way to recover your money is by filing a petition under Section 9 of the Insolvency and bankruptcy Code(IBC) 2016 at National Company Law Tribunal having jurisdiction over the listed company (NCLT having jurisdiction over the registered office of the listed company).

Under the IBC code, you are an OPERATIONAL CREDITOR.

The listed company is a FINANCIAL DEBTOR.

The steps are

1) Issue notice to the financial debtor demanding payment in the format specified by IBC.

2) Await reply for a period of 10 days.

3) If no reply or no repayment, file a petition at NCLT under section 9 of IBC.

4) The financial debtor will definitely make payment to avoid the Corporate Insolvency Resolution Process and also to avoid admission of your petition.

5) The IBC code is so powerful that the Financial debtor will be removed from board of directors and a CIRP professional will be appointed to sell the assets of the company to repay your loan and in order to avoid such an unpleasant situation the financial debtor will pay the money immediately.

6) Since the IBC code is time specific, your payment should come to you at the most on or before 3 months from the date of you filing the petition.

IBC is a powerful code to proceed against private limited and public limited companies who are defaulting on their commitments to banks, vendors, employees etc.

Hope this information is useful.

1. First send them a legal notice seeking refund of money within the stipulated time.

2. if they fail to keep the honor then you can file criminal case for cheating. Once FIR is registered the chances of getting back the money becomes more.

3. thereafter file a civil suit for recovery of money as well.

4. Filing case under insolvency Code is another option.

Dear Sir,

Please approach MSME

===================================================================================

The Micro & Small, Medium Enterprises Facilitation Council, Punjab (2012) 166 PLR 195 to urge

that Section 18 of the MSMED Act

======================================================================================

Delhi High Court

Ge T&D; India Limited vs Reliable Engineering Projects ... on 15 February, 2017

$~

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ O.M.P. (COMM) 76/2016

Reserved on: January 17, 2017

Date of decision: February 15, 2017

GE T&D INDIA LIMITED ..... Petitioner

Through: Mr. Tejas Karia, Mr. Surjendu Sankar

Das and Mr. Siddharth Kochhar, Advocates

versus

RELIABLE ENGINEERING PROJECTS

AND MARKETING ..... Respondent

Through: Dr. Amit George, Advocate/Amicus

Curiae.

CORAM: JUSTICE S. MURALIDHAR

JUDGMENT

% 15.02.2017 IA No. 4177/2016 (Seeking waiver of deposit)

The most well-known common and speedier solution for recovering money is Order 37 of the Civil Procedure Code, which permits a bank/creditor to file a summary suit. Contrasted with normal suits, summary suits are discarded speedier. Once the suit is established and the summons are issued, the defendant has 10 days to show up, failing to appear in the court means the court accept the plaintiff party ‘s charges to be valid and, as needs be, awards the plaintiff.

1) You can send them notice as per your agreement terms and conditions. What were clauses involved in non payment of the billing amounts against goods delivered on time.

2) Within how many days payment needs to be done and what extra charges are applicable for non payments.

3) Send notice to the parties as well who are engaged in as agents and officers who had signed agreements.

4) Need to read MOU plus contract agreements etc.

Hello sir,

You may file summary suit under order 37 CPC for fast recovery. If your want only to recover your amount. For further assistance , contact me [deleted].

Thanking you

The fastest way of the recovery available to you is Insolvency petition before the NCLT. This will also take some time but it will faster then the civil court remedy.

Since you have supplied goods your the operational creditor and owe them (corporate debtor) a operational debt.

First of fall serve them a demand notice under section 8 in form 3 and 4 . if within the time of 15 days from service of notice they donot pay back the amount outstanding along the interest. File an application before nclt under section 9 in prescribed format to initiate the Corporate Insolvency resolution against the Corporate debtor.

On admission of the petition a moratorium shall be declared and the Insolvency resolution professional shall be appointed to manage and ascertain the assets and liabilities of the corporate debtor,

Now most importantly most of companies to save itself from the insolvency shall pay or make an agreement to pay with fixed period on service of demand notice only.

Sir, do you have taken Cheques from the other party. If not just take cheques equivalent to amount. Than I will do the rest.

Firstly send them a legal demand notice based on the invoices of the supplies.

Let them give a reply after which you can try any option you have before you.

No legal process will help you to get a solution at the faster pace as you imagine or having mislead about them.

MSME Samadhan may not be very effective especially when the opposite party still dodges the dictates of the samadhan.

Winding up process or recovery suit in the civil court can be better ideas

This is my response to you:

1. You can issue that person a legal notice, to which he has to reply within 15 days of service;

2. If he does not reply then you can file a recovery suit and/or you can also file a winding up petition in the court;

3. Since both the ways mentioned in point No.2 above take time, the court will also ask you settle the matter;

4. Generally such deals have an agreement and there is arbitration clause in these agreements;

5. If there is arbitration clause then you will have to appoint an arbitrator to resolve your dispute.

Yes you can go ahead and file insolvency proceedings in NCLT against the company.

Dear Client,

The best way to approach such type of defaulters is through IBC proceedings(Insolvency and Bankruptcy Code).

As you may be having all the invoices, you can send the IBC notice and furtehr file the case before NCLT tribunal. IBC Proceedings are timebound and effective.

Expert Jurist LLP