• Company winding up petition

Hi sir/ma'am! :)

I am a kraft paper dealer based in Delhi. I take paper from paper manufacturing mills and then supply the same to corrugated box manufacturers. In short, I am an intermediary and have a well set business for the past twenty five years. I pay the mills as soon as I procure paper from them and supply that paper to various corrugated box manufactures who pay me according to our settled terms i.e. in thirty days, ten days etc. With each invoice raised by the mill in the name of the corrugated box manufacturer I wish to supply paper to comes an authority letter on the letter head of the mill asking that party to make the payment to me as I already settle my dues with the mill.

Now one of my parties (a private limited company) in Punjab has defaulted. We started to deal on one month or thirty days payment basis in 2013 and he still hasn't cleared my dues of March 2013. I have his duly signed company letter head which clearly states his email id and mails dated March 2013 from that very email id stating the payment terms of thirty days. On top of that I also have an account statement duly signed by him which also has his company's stamp.

The last payment he made was back in February 2014 and that too of INR 1 lac only. I have a substantial sum to recover and need your urgent and immediate help.

Please let me know what all cases I can file against him? Am I eligible to file a company winding up petition against him? Will the Order 37 of the CPC be enough to recover my funds? I am willing to file all possible cases against him and require your kind assistance for the same.

Eagerly waiting for your prompt and positive reply sir/ma'am.

Thank-you and God bless! :)
Asked 2 years ago in Business Law from Delhi, Delhi
give a legal notice and if  he does not settle then file a suit in civil court
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
3.5 on 5.0
1) issue winding up notice . file winding up petition where company registered office is situated 

2) file summary suit under order XXXVII Rule 2 of CPC . if company is financially sound you will be able to recover your money
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
if company is not financially sound chances of recovery of money would be bleak . secured creditors get priority over unsecured creditors
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
summary suit one year for orders on interim reliefs . final hearing may take some time . 

winding up petition for admission 6 months to 1 year
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
you are not a secured creditor . banks from whom company has taken loans and mortgaged its assets would be secured creditors . 

you can file case of cheating if ingredients of offence are satisfied
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
thanks for your appreciation
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0

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