Dear Sir's
'A' company entered into Memorandum of Understanding on 2006 with 'B' company to negociate the bank and owner for purchasing of the property of the 'C' company which is under proceedings under SARFASI Act. for this 'A' Company paid Rs.10,00,000/- as advance by demand draft to 'B' Company towards commission for the above transaction. But the deal was not at done. after many request and demands on 2011 'B' Company returned the above amount by way of cheques for Rs.10,00,000/- but the said cheques were bounced as Account Closed. as advocate i had issued legal notice within 30 days. My question is whether the transaction is legally enforceable debt or not and whether there is any default in the above transaction. Please explain.
Thanking you
