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Director of company committed suicide i had given loan to what to do.


09-Dec-2023 (In Recovery Law)
Hello, I have given 20 lakh to a private finance firm and month back the company director had committed suicide. I am having the PDC check and the agreement of the money given to the company and all my money given was through net banking to the directors account so its there in my bank statement. Till now there is no update on if the company will continue or they will close it. Can you please help me what can i do to recover my money. 
Answers (3)

Answer #1
561 votes
Recovery suit can be filed against the company. Executed Agreement to be looked at for arbitration clause. If arbitration clause is there then arbitration shall be required to ne invoked. PDC cheque can be presented if the cheque was issued from company's current account. Company, deceased director and other directors can be made party to that complaint. For cheque bounce case, Legal notice issuance is must Winding up petition against the company may also be filed before High Court. For winding up, Legal notice issuance is must. However, please share all the documents with a lawyer to carve apt strategy.
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Advocate Urfee Haider

Adv. Urfee Haider

LawRato Delhi | 25+ Answers
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Answer #2
826 votes
to initiate the proceedings of recovering the money you should hire a lawyer and lawyer then send a legal notice to that company on your behalf. If it is a finance firm with sole proprietor ship then you can recover your money from his legal heirs or by attaching his property and bank accounts through court.
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Advocate Bhooshan Dev Singh Pawar

Adv. Bhooshan Dev Singh Pawar

LawRatoDelhi | 25+ Answers
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Answer #3
815 votes
You can file the case under the Negotiable Instruments act in other words by having the cheque bpunced and in the alternative also prefer a civil action for recovery of the amount. we can file a summary suit.
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Advocate Shobhit Bhatia

Adv. Shobhit Bhatia

LawRatoDelhi | 25+ Answers
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