Anju
26 May 2014 at 19:15
Dear Sir/Madam,
My friend had been using the mobile services of a reputed telecom. Later she paid the dues and cancelled the services,and received the cancellation number for the same. Thereafter every month the company kept sending the bill with amount due as zero, though the services was cancelled, for which reply was sent with the cancellation number. Now they send a legal notice stating the bill amount as Rs.2068/-.
Request your valuable expertise on the same. Thanks.
Pavani Bayyana
26 May 2014 at 13:58
Dear Members, I have taken loan of 150k from one of my colleague in 2011. My colleague used to give these kind of hand loans to many other colleagues who are needy, however the rate of interest is little abnormal, which is around 3% per month compounding monthly. As I need funds in emergency, I don’t have any other option except to take loan at that rate. We have even exchanged emails wherein I have even acknowledged the rate of interest and the interest calculations thereon. I have repaid part of the amounts which of course he set-off against the amounts due and I am still left with a big chunk of these amounts approximating to 200k. I have also given undated cheques for repayment of principal and estimated interest component thereon.
Things have changed now and I was in deep financial troubles, wherein I could not repay these amounts and recently my colleague (of course now become ex-colleague as he resigned from this company) deposited the cheque and sent me a cheque bounce notice under Negotiable Instruments Act.
I don’t have enough money to repay this debt, and I have already taken enough extensions so that my colleague is not granting any other extensions for repayment any more. He is also not agreeing for any waiver in the amounts payable to him and I am helpless.
Do I have any way out or any possibility where I can challenge hefty interest rate or amount payable to him ?
Members, please help me out..
aditya
26 May 2014 at 13:15
is approval of Sharehlders or Board of Directors is required before entering into a Business Purchase agreement? What are the provisions dealing with this under company Act 2013? Are there any rules regarding the same?
pushpakrishna
24 May 2014 at 19:08
Dear Experts,
A cheque is given by a person for discharge of legally enforceable debt bounced due to insufficient of funds in his account.issued a statutory notice though he did not respond to pay. under these circumstances can i file a complaint U/S 420 of IPC along with 138 of N.I Act.or not ? kindly advice in this regard.Thanq in advance.
Rajeev Varshney
24 May 2014 at 18:42
Sir,
We are putting our problems as follows before Hon'ble sir for better solution
1. => That Chandrakanta Banarsi Dass Public Society has applied for loan from SBI (SME) Branch Aligarh for establishment of primary education institution which is to be opened in the name of Rapid International Academy and project was submitted to the bank for worth Rs. 13 Crore.
2. =>That concerned bank has sanctioned on 20-02-2010 on Rs. 2.80 crore and assured to pay the balance after some time. We have invested a huge money worth Rs. 7 Crore in the construction of building and other equipments and the Institution had started in the year 2011-12 and continued upto 2012-13 but due to financial crises institution could not continue for further period as bank did not support us and had totally refused to pay the balance amount as per project.
3. =>That we have deposited about worth Rs. 1.70 Crore to the bank. The accounts of bank are not maintained regularly in the course of business. The bank has failed to comply its assurance as given prior.
4. =>That our account recorded as NPA on 30-09-2013 at the amount of 2.57 crore and notice under section 13 (2) of Sarfaesi act was issued. We have replied the same in time, but no relief was given by the bank. Then we have filed S.A. in the year 03-03-2014 before D.R.T. Lucknow. The bank has also filed O.A. against us before D.R.T. Lucknow. No reply was even filed by the bank in S.A. though many dates have been fixed by the Tribunal for filing objection.
5. =>That an O.T.S. proposal was given to the bank through D.R.T. Lucknow to settle the case in worth Rs. 2.25 Crore but the bank did not accept the same.
6. =>That are all properties are mortgaged in favor of bankhaving present market value worth Rs. 15 Crore, as per bank value arrives about 11 Crore, now bank is threatening to us that we would not compromise in this case as more costly properties are mortgaged in bank’s favour.
There are following grounds of default on behalf of bank:
(a) -->That bank did not mention all the properties in notice 13(2) and afterwards bank has issued Notice U.S. 13(4) disclosing all the mortgage properties though in section 13(2) all mortgage properties are not disclosed.
(b) -->That no notice under section 13(2) and 13(4) were sent and served upon guarantor’s address.
(c) -->That in our account some amount was falsely debited the bank.
(d) -->That bank is not accepting our O.T.S. proposal as given by us for settling the account for worth Rs. 2.25 Crore
(e) -->That Bank is proceeded further in recovering the arbitrary amount against us and a possession notice was posted upon the property on 18-01-2014.
Kindly provide better solution in our interest so we can relieve the facing problem as on today.
I will be highly obliged.
With Thanks
Rajeev Varshney
President
Chandrakanta Banarsi Dass Public Society
+918881525251,varshney.k.rajeev@gmail.com
Sanjeev Hota
23 May 2014 at 21:30
"A" agreed to buy a house from "B" at 70 lakhs and proposed an advance amount to "B". But "B" did not agree to the proposed amount as he wanted a bigger advance. So "A" gave an token advance of 10 lakh with an assurance to "B" that he will pay another 10 lakhs by next week. Two days after this "A" said he doesn't want the house and wants the advance back. But "B" in the meanwhile spent part of the advance already and was not in a position to return it immediately. " A " is threatening to file a case against "B" for not returning advance. Is it possible that he can do so when he has gone back on his words?
SANJEEV SRIVASTAVA
23 May 2014 at 14:58
Dear All
I want an opinion on the section 26 and section 09 of the Arbitration Act.
Breif is:
We are for respondent. During the proceedings of cross examination of respondent's first witness, Respondent moved an application U/s 26 of Arb. Act 1996 and request from the sole arbitrator for appointment of an independent expert to bring some facts of CRANE(machine) such as maker and capacity(Please note maker and capacity is in dispute between the parties since beginning) and this will enable the respondent to prove that the machinery supplied by petitioner is not as per the contract issued by respondent and therefore was idle at respondent yard and despite of request petitioner neither took back the crane nor refund the advance money and thereby claim of petitioner for rent is not valid. The reason behind the inspection was to bring on record about the manufacturer company, design & capacity of machine and to convince the arbitrator that the design, manufacturer and load lifting capacity is different from the contract issued to petitioner. We also mentioned that the dispute machine is having engine number, chasis number and inspection of the machine can ascertain about manufacturer, chasis number, engine number which can cross verify with manufacturer for the capacity of the machine, moreover this machine may also have some RTO number just like other vehicles. The Hon'ble arbitrator dismiss our application on the ground of
Delay,
Machines specification and particularly capacity can not be identified being the reason of old or wear and tear.
Because the machines look alike.
This inspection would not help the arbitrator to decide the dispute.
Now We want to challenge this order please suggest how..? Can we go under section 09 which says that "during arbitration proceedings a party can move to court for (c)..........................authorising any samples to be taken or any observation to be made, or experiment to be tried, which may be necessary or expedient for the purpose of obtaining full information or evidence;
Your suggestions will be valuable to us.
Thanks in advance.
Reetu Dwivedi
22 May 2014 at 15:38
Dear Sirs,
I am doing a contract which has a 0 value. We want to test our product in market through a supplier whose customers will be using our products.Now this supplier will charge us on the basis order form. And supplier is asking fro an advance payment of whole year,which is not decided yet. and they are not ready to accept advance payment for any lesser period. The risk for us is too high, that if they breach the contract all our money will be gone.
SAI
21 May 2014 at 19:38
Can anybody provide me solution to end the problem that i actually came across..............
There is a individual who invested all his assets in a Rice Mill of worth Rs.8 crores (approx.) in the year 2011.Then the business continued for 1.5 years continuously. Suddenly the business lacks working capital due to abscondance of cash by the person involved in construction, who was the friend of the individual in the 2013. There is no specific evidence to prove the fraud. Thus, the business discontinued. On the other hand, as there is no profits, the bank debts (neither the principle sum nor interest) of Rs.4 crores(approx.)could not cleared as there is no cash availability. As the business organisation is not paying any sum to bank. The bank considered the debt as NPA and is going to conduct auction on or before 06.06.2014.All the assets were struck in the bank as securities for the loan whereas the individual has Rs.4 crores of bank loan and Rs.2 crores of unsecured loan.
Banker valued the mill value for Rs.1.63 crores and other securities for Rs.60 lakhs only whereas the valuation report by the Approved valuer valued the mill for Rs.5.35 crores (approx.). There is a heavy pressure from the creditors as the auction amount does not cover their debts.
Please provide a probable and suitable solution for the above query.................
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start a bakery
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