Aftabul Hussain (Advocate) 26 August 2015

Exsistance of agreement.

Dear Sir,

One of my client buying a commercial vehicle by taking loan from finance company and when some EMI was not paid the company re-possessed the vehicle in the strength of clause-5 of agreement and sell the same in auction, when their loan amount was not recovered they initiate Arbitration proceeding against my client before the sole Arbitrator in the strenght of clause -15 i.e., Arbiration, where specifically mentition all the disputes......Now my question is that can finance company do that and is there any exsistance of the said agreement? Plz. help me with proper citation.

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2 Replies

Advocate Ravinder (Advocate/Attorney) 26 August 2015

If there is arbitration clause in the loan agreemnet, the bank can approach arbitrator. Even if there is no arbitration clause, then also the bank can approach the court for attachment of personal properties/salary of the debtor.

Gomes Agnelo (Home based) 20 September 2015

Sub: Agreement stating initial part payment of Rs 975000/- towards the sale of a flat in a building in central suburbs of mumbai.

Sir,
We have initiated an Agreement with a person who was introduced by a past school student (now adult) in mumbai.

This person is supposed to take charge of the proceedings and the documents and claims to have the sole authority to finalise the documentation of the said flat for sale.

We are the 1st prospect buyer for the same. Based on the ex-school-student's credeintials, we released an initial part payment of Rs 975000/- by cheque to the concerned person as follows:
1. 25000/-
2. 350000/-
3. 600000/-

Now the concerned person is asking us to pay 24 Lakh after which he will issue us the 'Offer / Allotment Letter'.

The rest will be paid after receiving the Sale Deed Agreement in hand. This will be done via loan from bank.

The initial amount paid, Rs 975000/- has been typed on a stamp paper of Rs 100/- and Notarised. But the Stamp paper has a back date of 16th Feb 2015 stamped on it. While the agreement has been typed and notarised on 28th August 2015.
This means, a difference of 6 months. Will this pose any problems in legal terms. Is the Notary valid where the Rs 100/- stamp paper has been back dated for 6 months. Will it carry weightage for legal proceedings in future. Please advice.