I have an factory which was under liquadation since 2001. Recently(2008) the company has come out of liquadation under the Mumbai High court's orders.
However, now in April 2009 we have received an demand notice from the ESIC under sec 14(b) to pay interest on delayed payment and damages thereof (period 1991 - 2001)
Failure to do this will attract action as under sec 14(B).
Further facts in our case are that our Bank had gone into DRT for recovery proceedings. and subsequently sold the assets to Arcil. Arcil is in process of selling the factory premises under SARFASI Act to a third party where we have provided no objection.
So my querry is
- Are we liable to pay to this demand notice.
- in case we ignore this notice what action is possible against us under this section 14 (b)
- will the new owners of the premises (not the company though) will be liable to pay.
I solicit responses from experts in this Act.
Rahul 6th April 2009 From India, Bangalore