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Overcoming Resistance in Taking Custody of Assets

Rajiv Kumar Agarwal, IP

Liquidation

In one of our recent liquidation cases, we encountered significant challenges while trying to take control of the company’s books of accounts, the factory premises, and the registered office. The promoters of the company managed to rally the workers and employees, creating a hostile environment that severely restricted our access to the factory. At one point, they even held one of our representatives hostage during a factory visit and used media publicity to falsely claim that we intended to shut down the factory and terminate all employees immediately. They also prevented our security personnel from entering the premises.

 

Despite these obstacles, we stayed committed to our mission. We worked hard to educate the workers and employees about the liquidation process and their rights. Following legal advice, we adopted a “No Work, No Pay” strategy to address the situation fairly. We filed a Section 19(2) application to address the non-cooperation issues and secure custody of the factory premises.

 

We approached NCLT and additionally, we reached out to the Superintendent of Police for help. The SP responded by instructing the local police inspector to provide protection to our team, ensuring we could safely take control of the factory premises.

 

Through persistence and strategic actions, we overcame the resistance and successfully managed the situation. This experience underscored the importance of determination and teamwork in achieving our goals, even when faced with significant challenges.

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