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Companies not releasing payment for materials consumed.
10-Oct-2023 (In Recovery Law)
We are material suppliers to Steel manufacturing companies. Two companies are not releasing our payments for over 1.5 years now.
They are postponing payments whenever we raise issues.
Also, for one of the companies, the cheques are getting bounced.
Please help.
if the companies are private or public limited companies, you can file a winding up petition against them for non compliance of payment. alternatively you can file a civil suit for recovery. if cheques are bounced you have an added remedy with you to file against them a complaint under section Negotiable Instruments Act.
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Adv. J K Agrawal
Jaipur | 100+ Answers
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