Hi, I am from Chennai, one of my friend running small hotel (in rented place), he asked money for the hotel development, i given rs.6 lakhs, he agreed to give Rs.25000/- for 24 months (the principle divided for 24 months), without interest i given. For the security purpose he did mortgage his hotel in my name, in that mortgage the mentioned term is "the given amount of 6,00,000/- return to me in 24 months (monthly 25000), if he fails to give the installment continuously for 3 months then i may take steps as per ACT 69 A (சொத்துரிமை மாற்றுச் சட்டம் - Property Transfer Act)". He given only one month installment by the way of DD, after that 4 months he did' t paid, finally after much pressure he given 5.75 lakh cheque, but that cheque bounced, he is not responding now, but he running the hotel.
what is mean by act 69 A (சொத்துரிமை மாற்றுச் சட்டம் - Property Transfer Act)?
Now please suggest what I do? cheque bounce case or Act 69A,
How we get quick remody as he is irritating so much, for example in hotel some other person sitting and saying me that no such a person, we bought the hotel, like that too much irritating, please help me and give better solution to get back that amount and is it possible to get stay to run the hotel?
