Winding up petition or Summary suit
Dear Learned Members,
As a trade creditor, our company wants to file a Winding Up Petition against our client company(debtor) who owes us Rs. 47 Lacs for the supply of goods to them. We have tried to contact them (directors) but they are not responding and so far we have not yet send any written demand notice to them.
Further the factories have been seized by their financial creditor(bank) and hence they have halted their business. Also, we are not aware whether the banks have started any recovery process under sarfaesi. In this regard, please let me know whether our company as a trade creditor can initiate the winding up process and whether the high court will accept our plea considering the banks have already seized the assets.
Or should we file a summary suit in this regard , we don't have written agreement with the defaulter but we have all other trade related doucuments..such as Purchase order, Invoices, transportation documents, emails etc.
CS Shinil Nambrath.