Dear sir, this case is about a property sale I had a property in Noida sec 18th. which was registered on my company name XYZ Pvt LD. Originally This property was bought from a SBI (state bank Of India) Distress property auction, it was bought by me as an individual NRI. And was supposed to be registered on my individual name a close friend of mine helped me to get a buyer for this property and sold it for 9.11 cr. To one of his business partner And asked me to register this property on a company name with some manipulation the property was registered on a Pvt Ltd company so it can be easily sold without getting into hassle of transfer fee etc. he further requested to help him with 2.5 Cr which he will return me in a year time. So the arrangement was made that out of 9.11 Cr. 2.5 will go to my friend and balance 7.61 cr will be given to me. I received 2.5 Cr. And balance was gives as PDC chqs. Of 3 months by the buyer, also my friend made a loan contract and issued me few PDC chqs of 2.5 Cr for a year. upon this agreements and a payment of 2.5 Cr. And PDC. My close friend requested that you are flying out of India why don't you transfer the company to the buyers and handover all original documents, since they are my business partner there is no doubt on them. I was satisfied with the buyers initiatives and PDC chqs with a notarized contract, I transferred the property (company XYZ Pvt Ltd.) to the buyer after 3 months at my surprise all chqs given by the buyer were bounced and I stared chasing him for final payment being out of india. After a chase of almost a year they decided to return this property back to me and asked their 2.5 Cr. Which they gave me via bank transfer. My same close friend arranged an another buyer for the same price (9.11) since I was stuck in this deal this time my friend asked me to help him with 3 Cr. So the new buyer agreed to pay 2.5 cr. To the old buyer and 3 cr. To be given to my close friend and balance to me. Again my close friend issued me PDC chqs and a notarized contract to acknowledge the loan of 3 cr. 2.5 cr. Was paid back to old buyer and the company was transferred to the new buyer also they handed over all original documents of the property to new buyer. the buyer asked me to sign a notarized contract that I have received all payments and I don't have any claim/dues on this property. He transferred 5 Cr (2.5 to old buyer and 2.5 to me) and some 80 lakhs in cash, also he gave me 2 chqs of 50k Rs. For share transfer of that company, out of these 2 chq one chq of 50k Rs was not paid later he denied the balance payment saying there were some dues on this property and he spent that rest of the amount also the chqs of 3cr given by my friends are not yet cleared, he hasnt paid that payment and has been requesting more time those 2 buyers were the business partner with my friend and were doing all this with a plan of adjusting their due amount from my friend. 1 buyer had to take 2.5 cr and
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Issue legal notice to buyer on account of dishonour of cheque
2) if no. payment received inspite of notice file complaint under section 138 NI on account of dishonour of cheque
3) also file summary suit under order XXXVII of code of civil procedure to recover dues with interest
Well one decides to take a journey from fire to frying pan not much of assistance can be rendered.
When professionals like advocates were available then without consulting them you did a blunder by making a mess of everything time and again.
Now only remedy is litigation for which you will have to file declaration suit and recovery of money.
Filing a criminal case of cheating with criminal breach of trust is another option.
This time engage an advocate than leaning on another friend.
You are stuck in a difficult financial deal one side you have to cancel the transfer of property based on incomplete payment as mentioned on your sale deed and in case there is any check found then you have to file case under negotiable instrument act to recover the amount your problem can be only handled by after looking your entire along with the relevant papers and then only any decision in regards to legal remedy may be available.
You fall in to more complications and your close friend put you in more troubles . Talk your friend to solve the matter immediately or other wise you will constrained to take steps . Meet a local lawyer and Send legal notice for getting money in Dishonored cheques. You have option to file cheating case before magistrate court .
If you haven't given possession then don't give it till you receive full payment. You can file a suit for recover balance payment under specific relief Act as well as criminal case for cheating
You have narrated a long story short without insisting on what is your problem now faced or the opinion you are seeking here.
However it clearly appears that your friend has deceived you with false promises and you have believed him fully on a blind faith.
Even now you have chances to retrieve your due amount by initiating proper legal action against the buyer and your friend.
You produce all the relevant papers before an experienced lawyer in the local and proceed as suggested.
this is a mess!!!
the question is incomplete
it appears that your friend has fooled and cheated you
File a criminal complaint.
We suggest you should consult a local lawyer who can examine facts of the case based on the documents and facts.
As a whole, your friend has befooled you. You have been cajoled and bear losses for selling the property in less amount. Deposit the cheque and initiate recovery.
- Since, the cheques given by your friend not cleared from the bank, then you should send him a legal notice and thereby ask to refund the amount within a period of 15 days.
- Further , if he failed to pay the said amount to you, then file a complaint before the magistrate under section 138 of N.I. Act for getting the amount.
- Further , you can also file a Recovery suit for getting court direction within a short period of time.
1. What is your query please?
2. You have made very complex transactions with the buyers.
3. If the property stood in the name of the Pvt Company, the sale, proceeds should have been paid to the said Pvt. Ltd. Company from where its directors should have shared the sale proceeds as per their share in the Company.
4. If your friend is refusing to pay you the said amount, deposit the cheques issued by him and initiate action u/s138 of N.I. Act if his cheques are dishonoured.
You should lodge FIR against all the buyers and your friend for fraud and criminal breach of trust in purchase of property and grabbing of money.
