Recovery of money
GLEN FERNANDES
(Querist) 13 March 2012
This query is : Resolved
Dear sir, I am Mr. Glen, Age:36,from mumbai.In Jan 2010 I had made a agreement for 3 years with Mr. Arif a known person who is a professor by nature. He required to start a Tutorials and I paid him Rs 6,00,000/ (by cheque) for the same on condition that on a yearly basis he will give me 50 percent of the principle amount i.e. Rs 3,00,000/ yearly irrespective of his profits or even if it is shut down. And if he is unable to pay within the due date , then 24 percent of interest per annumn will also be applicable to him. Till date he is supposed to give me Rs 11,32,500 /(including the principle).And he has paid me only 2,00,000.(Rs 1,50,00 by cash and 50,000 by cheque).Along with the agreement he had given me 9 cheques with post dated and 50 percent yearly amount till 2013 and one additional blank cheque. Now he is harassing me and reluctant to pay me anything. He is saying I don’t have money even though his classes are running well. He says that I will give only your principle amount of Rs 6,00,000, for which I doubt he will give. .Even If I put the cheques and file a bounced complaint case, along with memo of bank to JMFC U/s-138 of NI Act , will I get my entire money with interest along with the principle. What is the process for filing a complaint?Approx How many days it will take for the hole process? After the end of 3 yrs will the agreement be valid ? Sir,I am in deep trouble, since it was my harden money which I had given to him. Please guide me with all legal aspects, what should I do.
Thanking you
Amit Pateria
(Expert) 14 March 2012
Dear Mr. Glan,
1. You have an registered agreement/contract upon accepted/ acted upon conditions that the other party will pay you as per the scheme agreed upon i.e. on a yearly basis he will give your good self 50% of the principle amount irrespective of his profits or even if it is shut down. - you can file a suit for specific performance of the contract and claim damages thereon.
2. Under NI Act you will only get cheque money.
3. to know the process of filing the complaint, please contact a qualified lawyer, who will issue notice to the other party and thereafter file a complaint under NI Act.
4. Recovery Suit as well as NI Act case will take around 1-2 years.
Hope this help.
JT Rajasuriya, Chennai
(Expert) 15 March 2012
Mr.Glen, if I am to understand your are charging about 50% interest p.a. when u r asking for Rs.3 lakhs every year on Rs. 6 lakhs. THis could be unbearable for your friend who borrowed - pls arrive at an amicable settlement.
