• Property and company matter

I have a case of the property was bought by me individually from state bank of India via bank auction in 2015 located in Noida sector 18 UP, although the registration was done in a Pvt. Ltd company to avoid registration cost and headache in case of selling or leasing further.

in the company balance sheet, the loan was shown from me to the company.

I happened to meet a gentleman via one of my close friend and we made a deal to sell the above property 
they were from a respectable family and got really good feedback of them we made a sale/purchase MOU and I received 25% by bank transfer, after the payment they gave me PDC cheques on my company's name and asked me to sign the resignation documents and handover the property's documents so after the PDCs are cleared they will transfer the company on their name,

I collected the PDCs and knowing their background signed the share transfer and director resignation documents 

after a certain time, I found that they immediately transferred the company on their name and all the cheques given were bounced, I approached them and they gave me several stories and time to settle the amount, they kept passing the time and still making stories 

the cheques were on company name so I don't have the power in the company to go after them

we have MOU signed where the transaction is written in details and witness are in my favour to support me 
I have to open a criminal in NCRT to take the company back or get my balance payment
Asked 2 months ago in Property Law from United Arab Emirates
Religion: Muslim

First, you should file a case against them of cheque bouncing. Second, in respect of MOU file a case of specific performance

Mayank Sapre
Advocate, New Delhi
234 Answers

5.0 on 5.0

Also complain to Company registrar and request to take over management of company.

Yogendra Singh Rajawat
Advocate, Jaipur
13088 Answers
15 Consultations

4.6 on 5.0

You should give a complaint to the registrar of companies asking them to remove their name as the owners of the company. Also, a criminal complaint should be made against involved persons to the police for cheating criminal breach of trust and fraud.

In order to recover the money  for the bounced cheques, you will have to file suit for recovery in civil Court. Case under section 138 of the Negotiable Instruments would be barred by limitation.

Siddharth Jain
Advocate, New Delhi
4720 Answers
52 Consultations

5.0 on 5.0

file police complaint against purchaser of cheating , criminal breach of trust under section 406 , 420 of IPC 

 

2) also file suit seek orders to set aside sale deed as cheques have been dishonoured on presentation 

 

3) seek injunction restraining them from selling the property 

Ajay Sethi
Advocate, Mumbai
66757 Answers
4037 Consultations

5.0 on 5.0

As per the aforesaid facts the case in your favor but what is the specific question

Prashant Nayak
Advocate, Mumbai
12732 Answers
22 Consultations

4.6 on 5.0

first the transfer of the property as done by you in the name of your company is not a recognised mode of transfer under the Transfer of Property Act

the transfer was essentially in your name but in order to avoid paying the stamp duty and registration fee, you got the property transferred in the name of the company

secondly what the buyer did with you is surely a cheating

so you can file both a civil suit as well as criminal complaint against them

both proceedings can be pursued independently

apart from the above, you can also file cheque bounce case under s.138 of Negotiable Instruments Act against the drawer of the cheques. You can use the MOU as a proof of their admission of a debt or liability which they owed to you

 

Yusuf Rampurawala
Advocate, Mumbai
4448 Answers
25 Consultations

5.0 on 5.0

Hi,it is advisable to proceed with complaint under section 138 NI Act for dishonour of cheque ..It is also advisable to register a FIR under section 420,406 ,120B IPC for cheating,criminal breach of trust and criminal conspiracy 

Hemant Chaudhary
Advocate, Gurgaon
4255 Answers
31 Consultations

4.9 on 5.0

If this is matter between company and individuals then

1. you have to file the case of cheque bouncing under section 138 of Negotiable Instrument Act another case

2.if the transaction is between company to company then you can go to National Company Law Tribunal to recover the amount otherwise

3. you can file a civil suit as the consideration amount of the property has not been received by the company to cancel the registration deed as the consideration for the purchase of the property  must have a mention in the registration deed and you have the bounced cheques in your hand to prove the evidence to cancel the registration deed to take the property back in your possession.

Vimlesh Prasad Mishra
Advocate, Lucknow
5485 Answers
17 Consultations

4.9 on 5.0

file criminal complaint u/section 406, 420 of ipc. 

Mohammed Mujeeb
Advocate, Hyderabad
10125 Answers
3 Consultations

4.5 on 5.0

You can take action to retrieve the company from them by filing a suit before court seeking to cancel the registration and take over of the company  for the reason that the amount has not been settled.

Besides you may file a cheque bounce case also under criminal law.

You may even file a complaint with NCLT.

 

T Kalaiselvan
Advocate, Vellore
56549 Answers
695 Consultations

5.0 on 5.0

as on date you are a third party in respect of the company after signing the share certificate and resignation. the company issued the cheques to pay off its debt. as all are bounced, you had a right to file complaint of cheques under NI act but you lost the said right as on date. presently you can give them a notice of winding up of the company and file the winding up case in the high court.

Manish Paul
Advocate, Kolkata
287 Answers
2 Consultations

4.9 on 5.0

Sir

How can you make such a big mistake by signing the documents if transfer without getting complete consideration.

Now you can file a suit in Court for setting aside the transfer of company done by fraud intentions.

Also lodge an FIR against them for criminal breach of trust and Fraud by transferring the company without giving the complete amount.

Mohit Kapoor
Advocate, Rohtak
3442 Answers
1 Consultation

5.0 on 5.0

File the FIR immediately and file the suit in NCLT under section 241 to get the company back.

Abhinav Sabharwal
Advocate, New Delhi
40 Answers

4.0 on 5.0

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