Recovery of loan from pvt ltd company against cheques

This query is : Resolved 

Querist : Anonymous (Querist)
16 September 2019

I had invested in a Pvt Ltd company for 5 lacs and against that I had 2 cheques as collateral.
The first cheque of 2 lacs did expried on September and the second has validity for another 3 months.
here when I am asking for money than company directors are responding that they will shut down the company to declare insolvency by december 2019.
Please let me know what can be done as they are not ready to pay any money now.I do have a agreement also.
I do not have money to fight with them. Whoever can help we can go for percentage once we recover. We are in total 3 people with 12 Lacs of money invested.

Isaac Gabriel (Expert)
17 September 2019

It has become usual phenomenon to collect money by hook or by crook and apply for bankruptcy.Try to get attachment of prpopertis by court orders. Lest, you will be at loss.

P. Venu (Expert)
17 September 2019

The facts posted lacks clarity. Please post simple facts.

Hemant Agarwal (Expert)
18 September 2019

1. It is a lost cause and apprehensively you gave money in hopes of High Interest rates (Greed ????)

2. Anyways, deposit the valid cheque NOW, let it bounce & file criminal complaint before the Magistrate's court. Person might come down for settlement.

3. You can file a Police FIR, requesting investigation and charge-sheet, for offences like cheating, intimidation, fraud, breach of trust etc.... against the person, supported with all relevant supporting documents. Do this immediately. This would be irrespective of the so called /proposed "insolvency proceedings".

4. IF the Police does not take action, THEN you can file private criminal case u/s 156(3) Cr.P.C., in the local Magistrates court, seeking directions to the Police to investigate and file charge sheet. The said Person may come down for settlement.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Querist : Anonymous (Querist)
18 September 2019

Thank you Hemant Sir for the reply.

1. Sir it was not invested for Greed to gain higher interest %. This is a Pvt. Ltd Company and they started a crowd Funding where they asked investors to come on Onboard for a App developement pogramme. where Investors will gain share from profit and if the programme fails than we are allowed to exit after 2 Years.

2. After 2 years we exited the agreement mutually via Email confirmation. For the exit they offered 2 cheques of 2 Lacs each. The first cheque expired on 10th September ( We did not submitted as Company asked for time to clear) and the 2nd Cheque would expire in another 3 months on december.

3. After lot of fights I was able to recover 1.5 lacs and 3.5 lacs pending.
4. Last discussion was they are trying to settle and if they are unable to run the company, in that case they are Ok to shut the company. As of now they agreed for 1% interest every month on the pending amount.
5. My understanding is should I wait till the company official declare they are shut or Should I go Ahead with the Legal options. As I have the cheques as proof and also Email conformation of exiting from the contract.

I too have an agreement on the investment done. Kindly help as I am ready to provide the case on % basis of fees any lawyer would want to take the case. As I do not have any money left with me.

There are another 2 investors of the same amount who are ready to join. Total 3 investors has invested close to 12 lacs.

Hemant Agarwal (Expert)
20 September 2019

1. IF you wait, THEN the available valid cheque also goes stale and you have no bargaining /leverage for your money.

2. Legal Professionals do not work on percentage basis and it is against the law. You can of course try the services of a local & relevant Agent, for your purposes.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

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