I am working as a Marketing Manager in a Pvt Limited organization in Mumbai. Our organization is into the manufacturing of industrial products. Almost a year back, we supplied and installed some items to one of the industries (Pvt Limited) situated in Tamil Nadu with the payment terms of within 90 days from the date of supply and installation. Due to some reasons, we were unable to collect the payment within the stipulated time. Six months back, the management of the Ex-Pvt Limited (to whom we have supplied) sold their industry to another group. Now, the new group is refusing to make the payment with various reasons.
My Questions
1. May we take back our materials in as-is condition?
2. Shall we take legal action to recover against the new group?
3. Or shall we take appropriate action against the Ex-group?
Please guide me on what the legal parameters are to recover payment or recover the materials.
Regards,
Andy Pathak.
From India, Mumbai
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My Questions
1. May we take back our materials in as-is condition?
2. Shall we take legal action to recover against the new group?
3. Or shall we take appropriate action against the Ex-group?
Please guide me on what the legal parameters are to recover payment or recover the materials.
Regards,
Andy Pathak.
From India, Mumbai
Acknowledge(0)Amend(0)
Please check with your corporate lawyer on Procurement Laws. When a firm takes over, the existing accounts for payments are transferred, if not closed. Even if the installation was delayed, the terms for payment remain as agreed, as of today. Wish you all the best!
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From India, Mumbai
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From India, Mumbai
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Employee cannot escape recovery of excess payment SC 01.11.2013.pdf
Amendment to Payment of Bonus Act 2015.jpg
Labour laws.ppt