Respected members u have two Questions Pls clarify with relevant acts
1) I am working for Municipal corp. of greater Mumbai. Muncipal corporation has certain octroi tax liabilities against few companies. Some of them are declared SICK companies by BIFR. Some cases are of year1995 to 2005.
The compnies are declared sick in sucessive years after 1995 to till then. We have got bIFR sanction No. and dates
how can we proceed to recover our dues?
2) What exactly happens when a company is declared SICK. Is it compulsory that the company will be restructured or amalgameted to another company or simply its assets are sold and dues are paid to creditors.?
What is the way for a muncipal corporation to recover the dues which had sent the notices whaen company was active but never got a reply from a company?
Pls reply. Thankss in advance
CAclubindia
