prasanna 16 December 2016

Cheque stopped after credited to my account

Dear Sir,

I trapped in trouble. please help to overcome it.

I am running a business in bangalre. I sold my business to one person for 16 lacs. He gave two 8 lacs cheque.

We made the aggrement on stamp paper of handovering all the things to him.

I deposited two cheques in my account and credited. I settel the credited money where i need to.

After 2 days he stopped the payment of 8 lacs cheque. Bank also requesting me to pay back the 8 lacs to the that person.

He is also threatening that he will not pay 8 lacs. I handover the business and everything.

Now I am not in a position to pay 8 lacs back to him.Please suggest me the solution for this problem.

Kumar Doab (FIN) 16 December 2016

Has the bank asked to return Rs 8lacs in writing?

Record the requests of the bank (Audio/visual/minuted/witnessed)!

Has the buyer asked to return Rs 8lacs in writing?

Record the threats of the buyer (Audio/visual/minuted/witnessed)!

Take over the premises,items and business, till he pays.

Handover everything and cheque bounce memo to your own counsel.

Kumar Doab (FIN) 16 December 2016

Why is he declining to pay?

Post full facts of the matter.

prasanna 16 December 2016

I mentioned all the furniture details and everything in the agreement document.

Now He is saying some furniture missing after 10 dyas of the agrement

prasanna 16 December 2016

no, bank person just make call and requested me to pay back the money.

I am using normal phone which dont have recording facility.

Kumar Doab (FIN) 16 December 2016

You have been adequately advised.

You need to act to defend your interest.

Visit your able counsel with copies of all docs on record.

HOpe he has signed on reciept of all items.

prasanna 16 December 2016

yes I have. We made the agrement on stamp papers.

Kumar Doab (FIN) 16 December 2016

Still you are unable to handle the matter and even record to build eidence.

Entrust to your own counsel/law firm.