Legal Question in Administrative Law in India
29.08.2011
We were directors (owners) of a Limited Company, which went into Liquidation and was handed over to Official Liquidator.
We settled our Personal Guarantee Obligations with the financial institutions & the bank.
The company is now auctioned by High Court at a much higher value than the Total Claims of Financial Institutions, Banks & Other Claimants (claims filed with Official Liquidator) put together.
Kindly advise :
1. Process of Disbursal of Funds received by Official Liquidator as the Sale Proceeds from the Auction of the Assets of the Company. (The Sequence & Order of Payments made to various creditors / claimants)
2. What are our entitlement / rights as the Share Holders / Equity Holders of the company from the proceeds of this auction.
A prompt response would be highly appreciated.
Regards,
1 Answer from Attorneys
you may move an appropriate application before the high court for appropriate directions to the official liquidator.
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