How to procure money from auctioned closed company
A company had been member of a 80 lakhs chit , and after auction of the chit, the amount was taken by the company. The problem is now the company had been closed and had applied for IP. All the assets of the owner had been transferred to his son-in-law's name.
The chit-fund company had issued a notice through the court for repayment of the amount. The notice was issued to the guranteer. How to get the amount from his son-in-law?
Your question is still unclear.
Did you mean Insolvency Petition by IP? The transfer of assets could be a part of the strategy to avoid being held liable by the court for the repayment of the amount.
We would need more information to provide you a proper legal opinion.
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