Business loan default of rs 30,000 - pvt ltd co.

Mayank Arora (Querist) 15 September 2014 This query is : Resolved
Hello Experts,

I gave a loan of Rs 6 lacs to a Pvt Ltd Co. The company has to give me an interest of Rs 30,000 but is not paying due to financial difficulties. I sent a legal notice to the company through an advocate.

1. The legal notice only asks to fulfill the agreement without citing any sections of the Indian law at all. Is this a valid legal notice?

2. Can I file for winding up of the company? I was told the minimum amount is Rs 1 lakh, but amount due to me currently is Rs 30,000. The company hasn't responded within the 15 days given in the notice. Can I initiate any legal proceedings immediately?

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Isaac Gabriel (Expert) 22 September 2014
Start legal action without delay

T. Kalaiselvan, Advocate (Expert) 24 September 2014
In legal notice you don't have to quote the relevant section of law, you should make your intention clear, i.e., if it is a demand notice, the demand should be proper and legal, for the present, you can proceed with suit for recovery of money.

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