How to recover money from a company whose directors are not responding

I have given on credit by way of Fixed Deposit to a company in Bangalore. The company has branches in BLR and in few parts of Asian countries. We have not received our interest since three years. The company says that it is under losses. The directors are not available for communication. Please advise. Some of them are foreign directors on board. We are afraid they may go back to their natives.

Answers (1)

Please remember you are an unsecured creditor under the Companies Act. Therefore, the company may pay you after clearing secured creditors. If the amount involved is above one lakh, you can proceed invoking Insolvency and Bankruptcy Code. Also, we suggest you invoke the Passport Act and impound the directors’ passport hindering their return and also to hurdle Indian directors from leaving the soil.

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