Loan amount not being returned
Bharati Agarwal
(Querist) 30 April 2015
This query is : Resolved
My Husband demised in an accident in 2012.A very close family & business associate took a loan of 15.00 lac from me by cheque and NEFT in the name of his private limited company assuring regular Interest payment.This was usual and no formality was done.Now I find that he has resigned from the company and have inducted two new directors about a year ago, and himself act as chief executive with same powers as earlier.However that is none of my look out as I dealt on the basis of mutual trust and relations. But now he is not available to us, nor any interest and refund.He has also changed as happens with passage of time.I am on the verge of loss of money and interest.I am advised a money recovery suit which will involve deposit of some dutypayment and matter will linger on for years.Also filing a criminal case is advised for cheating, dishonest etc. someone advises both. Need expert opinion please.....
Sudhir Kumar, Advocate
(Expert) 01 May 2015
Money lent to friends a relatives of self and spouse is always a donation in the garb of loan which is never taken with intention to refund. You are not first or last such case.
If you have any proof of loan then you appear to be within limitation and file civil suit. If you have no documentation then do not wast money in court and keep quite.
Rajendra K Goyal
(Expert) 01 May 2015
If you have proofs of loan given, file suit for recovery. Consult local lawyer.
Guest
(Expert) 01 May 2015
Ms Bharati Agarwal,
First of all it is quite hard to believe that such a heavy amount of Rs.15 Lakhs was doled out without entring in to any agreement, terms and the period for return of money. Such things can happen only in fabricated cases or in vague academic queries.
About the proposals of money recovery suit or a criminal case for cheating, dishonesty etc, or both, question arises whether you have any proof of advancing the amount as loan, as mere payment by cheque or NEFT cannot be considered as proof for advancing loan?
However, for appropriate advice, you may please indicate the complete history of the case, including the repayments of principal or interest amount, if made by that close business associate, and any other crucial evidence in support of loan.
Bharati Agarwal
(Querist) 01 May 2015
Respected Experts,
First of all please do not disbelieve me. what has happened with me is not first and last. mutual loans are always given and refunded like this among known persons, and dishonesty also mmanifest more in known persons taking advantage of the situation.Had my husband been alive i am sure i would have recd back the money as promised.
However please reconsider your views taking into consideratiopn these facts:
>The cheque is given to a Private Limited Company with whom i did not have any receivable/payable/booking etc.
>the company has shown the amount as loans & advances in its balance sheet Mrach-2014 ending as filed with ROC.
> I just asked the view point of you honourable experts, as I always read news about such cases where guilty people take such money on one pretext or other and do not return and ,on complaint(I do not civil or criminal) but they are apprehended and action is taken against them,
Therefore i wish to know what kind of step shall be suitable for me?
BTW in case if the company is asked by court or Police about this receipt from me, then they have no answer but only has to describe as a loan.
Please advise.....
Sudhir Kumar, Advocate
(Expert) 01 May 2015
"mutual loans are always given and refunded"
NOT AGREED. MONEY GIVEN TO FRIENDS AND RELATIVES IS ALWAYS A CHARITY NEVER INTENDED TO BE RETURNED.
Sudhir Kumar, Advocate
(Expert) 01 May 2015
YOU SAID
">The cheque is given to a Private Limited Company with whom i did not have any receivable/payable/booking etc.
>the company has shown the amount as loans & advances in its balance sheet Mrach-2014 ending as filed with ROC.
> I just asked the view point of you honourable experts, as I always read news about such cases where guilty people take such money on one pretext or other and do not return and ,on complaint(I do not civil or criminal) but they are apprehended and action is taken against them,
Therefore i wish to know what kind of step shall be suitable for me?
IN CASE YOU HAVE GOT COPY OF THE BALANCE SHEET FROM REGISTRAR OFFICE THEN YOU HAVE A PRIMA-FACIE PROOF OF LOAN YOU ARE PROBABLY ON THE VERGE OF LOSING LIMITATION FOR MOVING TO THE COURT. PLEASE CONSULT A LAWYER ALONGWITH ALL PAPERS TODAY.
Guest
(Expert) 01 May 2015
Please clarify the following points:
1) Whether the amount was paid by cheque or through NEFT transfer and if by both, the amount of payment through each mode separately?
2) Whether the cheque was crossed account payee or a bearer cheque?
3) What was the date of issue of cheque/ NEFT, what is the date of each encashment, as per your bank account, and whether payee shown as the name of the company or individual (business associate)?
4) If cheque was given in the name of the Private Limited Company the company was required to issue receipt of payment, whether issued and in whose name, as payee, and with whom that receipt is for the present?
5) If the company has shown the amount as loans & advances in its balance sheet Mrach-2014 ending, what name of the payee has been shown in the company's cashbook and ledger account?
6) Do you have any correspondence with the company regarding the loan?
Until you give complete & detailed information, no concrete advice can be possible.
If liked, you may send complete details, including copies of the NEFT transaction and chequ counterfoil through email at: dcgroup1962@gmail.com
Sudhir Kumar, Advocate
(Expert) 01 May 2015
So better meet your lawyer with all papers before your case (if any) gets barred by limitation.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 03 May 2015
Believe u have of given cheque n loan shown in Balancesheet. Proceed as
1) Recovery suit
2) Cheating n dishonesty complaint
3) Complaint Registrar of Companies for deregistration
4) Complaint MRTP
Or
Contact: 9869400928, jeevansci@yahoo.com
U must get ur hard earned money backl
T. Kalaiselvan, Advocate
(Expert) 04 May 2015
I think you may answer the queries raised by expert Mr. Dhingra and follow the suggestions made by him if you are really facing the problem.
Bharati Agarwal
(Querist) 05 May 2015
1) Whether the amount was paid by cheque or through NEFT transfer and if by both, the amount of payment through each mode separately? = Yes the Account Payee Cheques were issued as "yourselves" and then RTGS was made favouring the company.
2) Whether the cheque was crossed account payee or a bearer cheque? +crossed.
3) What was the date of issue of cheque/ NEFT, what is the date of each encashment, as per your bank account, and whether payee shown as the name of the company or individual (business associate)? cheque isse date, RTGS Date and debit to my account and credit to payess account is same.
4) If cheque was given in the name of the Private Limited Company the company was required to issue receipt of payment, whether issued and in whose name, as payee, and with whom that receipt is for the present? = No Receipt is issued to me as it was a transaction between two known persons.
5) If the company has shown the amount as loans & advances in its balance sheet Mrach-2014 ending, what name of the payee has been shown in the company's cashbook and ledger account? = My name.
6) Do you have any correspondence with the company regarding the loan? = Yes I have given three/four registered letters to the company but they are returned as refused.
I think I have answered all the queries as asked by Shri Dhigra Sir.
Advise please...
Guest
(Expert) 05 May 2015
On the basis of given facts, your case seems to be sound if yu sue the company effectively.
T. Kalaiselvan, Advocate
(Expert) 05 May 2015
I too have a similar opinion that you have a strong case if it is within limitation, take the help of a local lawyer and proceed accordingly.
malipeddi jaggarao
(Expert) 06 May 2015
To sum up, you have proof that the amount was paid to the Company through Bank account. They do not have any counter claims. So amount is payable to you. It is clear. As regards limitation, if the entry appears in the audited balance sheet of the company in liabilities side under your name, that is sufficient to prove and from the date of balance sheet the limitation is for 3 years (if again it appears in the next balance sheet that date can be taken for fresh limitation of 3 years). So you have good case, initiate legal action. Where are you? If you are from Hyderabad you can contact me by pressing "Click to Talk" button.
