Fixed Deposit: File Complaint Against Helios & Matheson Information Technology

Helios & Matheson Information Technology Ltd is currently under Liquidation by order of the Madras High Court, having bypassed the standard Corporate Insolvency Resolution Process (CIRP) of the NCLT. To recover your dues, you must file a Proof of Debt (Form 66) directly with the Official Liquidator, High Court of Madras, not with an Insolvency Professional. Parallelly, you should ensure your complaint is registered with the Economic Offences Wing (EOW), Chennai, which is handling the criminal investigation into the fraud.

This case is legally distinct from modern insolvencies like Jaypee or Unitech.
In a standard NCLT case (IBC), a Resolution Professional tries to revive the company. In the case of Helios & Matheson, the Madras High Court ordered Winding Up (Liquidation) years ago because the fraud was detected early. This means there is no plan to revive the company; the goal is strictly to sell remaining assets (computers, land, IP) and distribute the cash.

The Critical Distinction: The NCLT recently dismissed new insolvency petitions against Helios & Matheson because the Official Liquidator (OL) is already in charge. If you try to file a claim on the IBBI website or with an NCLT Resolution Professional, it will be rejected. You must deal with the High Court machinery.

What You Need Before Starting
Checklist

• Original FD Receipt: The physical bond issued by Helios & Matheson.
• Form 66 (Proof of Debt): The specific legal affidavit format for High Court liquidation claims (not Form CA/C of IBC).
• EOW Complaint Copy (Optional but Recommended): Proof that you are a victim of the criminal fraud.
• Identity Proof: Self-attested PAN and Aadhaar.

What You Should Do
Step-by-Step Guide

1. Verify the Official Liquidator's Jurisdiction
The company is under the jurisdiction of the Official Liquidator attached to the Madras High Court.

Address: Office of the Official Liquidator, High Court, Madras
Corporate Bhawan, 2nd Floor,
No. 29, Rajaji Salai, Chennai – 600 001.
Website: www.olchennai.in

2. Prepare Form 66 (Proof of Debt)
Unlike simple web forms, this is a legal affidavit.

Download Form 66 (Companies Court Rules, 1959).
Fill in the details: Principal Amount + Interest up to the Date of Winding Up Order (approx. Jan 2016).
You must get this form Notarized on non-judicial stamp paper (usually 20 or as per state law).

3. Submit the Claim Physically
The High Court liquidator usually requires physical submission.

Send the Notarized Form 66 + Photocopies of FD Receipt + ID Proof via Registered Post A.D. to the address in Step 1.
Keep the postal acknowledgment receipt safely. This is your only proof of filing.

4. Join the Criminal Proceedings (EOW)
The liquidation payout (if any) will be pennies on the rupee. The real pressure comes from the police case.

If you haven't already, send a complaint to:
The Inspector of Police, Economic Offences Wing - II (EOW)
Police Training College Campus, Ashok Nagar, Chennai - 600 083.

Note: The EOW has frozen certain assets that are separate from the Liquidator's pool. Claimants in the police file often get priority if a specialized court (TNID Act) orders a refund.

5. Check the Dividend Status
Liquidation takes years.

Monitor the website olchennai.in > Notices.
Look for announcements titled Notice of Intention to Declare Dividend.

If you see this, it means they have sold assets and are ready to send cheques.

How It Works & Hidden Details
The Priority of Payment (Section 529A/530):
In liquidation, money is distributed in a strict waterfall:
1. Liquidation Costs: The Liquidator's salary and legal fees.
2. Workmen's Dues & Secured Creditors: Employee salaries and Banks (like SBI, Axis) who hold mortgages.
3. Government Taxes.
4. Unsecured Creditors: This is you (FD Holder).

Reality Check: In most IT company liquidations, the assets (laptops, furniture) are negligible compared to the debt. By the time the waterfall reaches Step 4, there is often zero money left. Your best hope is the EOW recovering stolen money from the directors' personal assets, not the company liquidation.

Things to Watch Out For

• The Revival Scam: You may receive calls saying "A US company is buying Helios, pay 2,000 to transfer your shares/FD." This is a lie. The company is dead and being sold for scrap. Do not pay any processing fees.
• Address Updates: Since this case has dragged on since 2015-16, many investors have moved. If the Official Liquidator sends a cheque today, it will go to the address on your 2014 FD receipt. You must send a physical letter to the OL office updating your address with proof.
• Lost Receipts: If you lost your original FD receipt, you must file an FIR for "Lost Document" and submit a Notarized Indemnity Bond to the Liquidator along with your claim.

Frequently Asked Questions
Q: Can I file a claim online?
A: Generally, no. The High Court Official Liquidator mechanism is old-school. Unless they open a specific portal for a brief window (which they sometimes do for huge batches), assume you need to send physical paper by post.

Q: Is there a time limit?
A: Yes, usually claims are invited within a specific window after the winding-up order. However, in liquidation, you can file a Condonation of Delay application explaining why you missed the deadline. Given the chaos in this case, late claims are often accepted before the final dividend is declared.

Q: Why is NCLT dismissing cases?
A: Because the High Court is a superior court in this context and seized the matter first (Pre-IBC). The NCLT refused to interfere in a liquidation already managed by the High Court's Official Liquidator.

If you have an old acknowledgment from the Madras High Court or EOW, keep it digital. The ink on thermal receipts fades entirely after 2 years.

Update: Additional Details & Recent Changes

• The "Stay Vacated" Milestone (March 2023):
  For years, the liquidation was stalled due to a legal stay obtained by the ex-management. In March 2023, the Division Bench of the Madras High Court formally vacated this stay (in OSA No. 19/2016). This is the critical "Green Light" that allows the Official Liquidator to finally auction the attached assets. If you filed a claim years ago, you must send a "Reminder Letter" now, referencing this 2023 order to ensure your file is active.
  
• TNPID Act Court (Faster Route):
  The EOW case is not just a standard cheating case; it falls under the TNPID Act (Tamil Nadu Protection of Interests of Depositors). This is a "Special Court" that has the power to attach the personal properties of the Directors (which the Liquidator cannot easily touch). You should technically file a separate claim petition with the Competent Authority, TNPID Court, Chennai, in addition to the Official Liquidator.
  
• Dividend Reality Check:
  Since the Liquidator only regained full control in 2023, the "Asset Sale" phase is likely still in progress as of 2026. Do not expect a dividend immediately. The process of "Settling the List of Creditors" usually takes 12-24 months after the assets are sold.
  

Parallelly, you should ensure your complaint is registered with the Economic Offences Wing (EOW), Chennai...

Update: Ensure you specifically mention Crime No. 5/2015 when corresponding with the EOW. This is the master FIR number for the Helios & Matheson deposit fraud.