Advance Payment

SSJ (Dir) (47 Points)

29 January 2010  
My company had paid Rs 10 lacs by cheque to a company for procurement of a machine ( In fact this payment was made to their cooperative bank to clear the loan taken by them ). The bank is now closed .The company has not supplied us the machine . Now it is not willing to return the advance even . What can be done in such a case . Can we go to the court ? Is our case strong enough ?