quesHow 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?

  • ansYour 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.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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