We have started a publishing company in 2007 and for which we availed loan from sbi by pledging our property. During 2015 we had to close our loan amount. So we approached a chitts and finance company for a loan by taking our property from the bank. The loan is on the basis of value of property but sale deed was executed in favour of the owner of the company as there is no provision for pledge in favour of the company. The owner agreed to return the property on payment of loan amount. Now demands more than three times more than loan amount . The sale deed is for 55 lakhs but the loan amount is for 210 lakhs. The loan amount wasdirectly paid to settle the dues of sbi and property documents were taken by themselves with our permission. The registration charged were borne by us. In these circumstances we would like to clarify the following points. 1. Whether we can able to take any legal action against the company owner if he fails to return the property 2. Whether any rule relating to money laundering is applicable in the case 3. Any other legal option for is to get back our property by paying the loan amount
do you have any agreement where on repayment of loan amount property was to be returned to your company
2) if so you can take legal action against owner if he fails to return your property
3) it is necessary to peruse agreement entered into by you with chit company to advice
1. Issue a proper legal notice stating that you are enclosing cheque /draft for FULL outstanding and that property documents may be duly returned back.
2. IF the Person fails to comply THEN file grievance petition before, for redressal of your grievances:
a) RBI
b) Police
c) Money Lending license authority
3. Money Laundering can be applicable, PROVIDED proper documentary /witnesses /audio /video evidences are available.
Have to file declaration suit and recovery of possession.
No money laundering committed.
Yes you can take legal action against him but what will be the status of loan payments. When the loan was availed all were aware of the interest rates in chitt funds company.
Money laundering will not be Applicable as the sources are of known funds
Yes after payment you will get the property
1. You may consult an advocate and file a suit for possession of proeprty by cancelling the registered sale deed in their favor stating that this registration was done only for the purpose of loan and not with the intention to sell them the same, the documentary evidences would support your pleadings and prayer.
2. There is no question of money laundering involve in this.
3. You may file a suit as suggested and fight the case strongly with the help of a prudent and skilled lawyer.
it is not possible to answer with out going through the agreement and other relevant document.
You can take legal action against the company owner if you havw written contract with that company.
You should file suit for specific performance against that company in case he refuse to take money as per applicable rate as per your loan account.
