LCI Learning
Master the Art of Contract Drafting & Corporate Legal Work with Adv Navodit Mehra. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

bharat garg   01 April 2018 at 08:28

Bank hypothecation & Insurance related

Dear Sir,

I've a loan from Central Bank of India of 9 lacs under " Mukhyamantri Rojgar Yojna" for R O water purification plant for 7 years. Loan was sanctioned in 2014.

In Oct 18 due to short circuit, my plant caught fire and had an loss of an entire property.

After 6 months the Insurance company has reached on a settlement value of 6.30lcs compensation.

Since, I suffered huge monetary loss it took me almost 3-4 months to reestablish my business and rotation, So I was unable to pay my EMI of the loan. Hence, the account became NPA.

My query is, does the amount from the insurance company to the bank will go into the loan account completely or can the bank cut their over dues and return me the left amount so that I can run the business smoothly?

Bank told me that they are going to adjust the whole amount in loan. I objected to that as loan tenure is not over plus I have set up the business once again, so they can only ask for the overdue amount and not the whole amount.

Since it is a government loan, can they help me in this matter, as I would have to shut down the business without having liquidity that may result in unemployment of 8 people I've hired?

Please, guide me through your expert advice on this matter and my rights to fight this case.

Regards
Bharat

Anonymous   01 April 2018 at 07:41

Income Tax benefit on home loan

I am planning for purchase of a flat in the name of my wife,who is homemaker. The loan will be in the joint name. Whether I will be eligible for claiming the income tax benefits on interest and principal amount on home loan, as the EMI will get deducted from my account and my wife is not having source of income or taxable income.

Subodh Singh   01 April 2018 at 01:13

About legal notice under sec420,138

When we send notice other party in 1&2address...First was undelivered &2was delivered..But no reply...What is the next process

Anonymous   31 March 2018 at 21:34

Police Verification For central government Job

Hello Respected Sir,
I have been selected for central govt job but have a history of being fined by the court under sec 184 and 181 of Motor vehicle Act of ₹ 700 , 8 yrs back.
(went to the court , hon Judge asked me if u accept the charges I said yes sir )
Will this affect my police verification so that. Disqualified ?
Need your expert advice sir.

Sujaysarkar   31 March 2018 at 21:07

Election duty

I am going to marry on 19 April 2018.If I will be allocated election duty what should I do?I am doing registry marriage by special marriage act.

SUNIL KUMAR   31 March 2018 at 19:44

Remedy against Wrong Order u/s 24 of HMA

Dear Sirs
I filed sec 9 in family court and my wife filed appl u/s 24 for interim maintenance
Learned Ad Judge fixed rs 15000/- as interim maintenance without taking into consideration liabilities of Home Loan and other family members
Now what are the steps to be suggested to taken for this order
Rgds
SUNIL

Sundar   31 March 2018 at 16:55

Property left w/o will

My father died in 2011 leaving behind a wife and 2 adult children - me and my married sister. My father has a house in Mumbai in which I have been living for the last more than 35 years. My father shifted to Pune and was there till the last.
I have transferred the flat jointly in the name of all 3, being the legal heirs, recently.
Now my mother and sister are demanding compensation for their share of the property either thru outright sale of the property (which I am not willing to do right now for at least the next 3 years), or by buying out their share which again I am not inclined for considering the cost to be incurred and the age of the flat. If I decline either of the 2 options above, they are demanding rent for the period since my father's demise for their share. My father never made any such demand of me when he was alive.
The question I have for the legal experts is that legally can they demand the rent from me for the period since my father's demise till date, as the flat then was not in the names of either of them (since it has only recently been transferred in the joint names), nor is there any rental agreement between me and my father.
Can a court force me to sell the flat if the other 2 partners gang up against me and take a majority decision to sell the flat?
Will the court accept my request to defer the sale of the flat for some time at least , in which case what compensation would be payable to the other 2?

Rajesh Gupta   31 March 2018 at 16:20

Gst - sec 142 – miscellaneous transitional provision


I booked a flat in June 2017 with booking amount 3.25 Lakhs. But in Jan 2018, deal went off due to some reasons. Now, when I went for refund of the booking amount, builder said "they have paid 1.30 Lakhs as service tax (45% service tax of total property price). And this amount is not refundable in GST regime."

While going through internet, I found that in GST, service provider can issue a Credit Note in case of cancellation to refund the service tax paid. (But I am not sure if this information is correct.)

I also got to know about below law, which can be applicable. could you please explain below mention law in layman terms.

Sec 142 – Miscellaneous transitional provision
(5) Every claim filed by a person after the appointed day for refund of tax paid under the existing law in respect of services not provided shall be disposed of in accordance with the provisions of existing law and any amount eventually accruing to him shall be paid in cash, notwithstanding anything to the contrary contained under the provisions of existing law other than the provisions of sub-section (2) of section 11B of the Central Excise Act, 1944.

syed niaz ahmed shah   31 March 2018 at 14:57

Partnership


1) as minors are not liable for liability and as Deceased person now has his wife who takes 1/8 of his share and rest go to his children son and daughter as legal heirs then how will liability distributed among the partners as another is his brother who wants to take over the firm .
My query is if deceased�s wife and guardian decides not relinquish shares to deceased�s brother
Does this mean Deceased�s wife takes over only 1/8 liability and asset and capital of The deceased person while children take rest of asset and capital of Deceased person while The other partner takes his share of liability and rest of Deceased�s liability ( less by 1/8 which deceased�s wife takes )

Anonymous   31 March 2018 at 14:03

Plea of alibi

If there is an allegation on a police officer for soliciting bribe on a particular date and time and verified and supported by independent witness. The Police officer submits that allegations are false and takes plea of alibi that on the specified date and time he was busy in booking a seizure case against an accused at his residence ,approximately at a distance of 45 to 50 kms from the alleged place of solicitation. He submits all the case paper of that Case. Even the jurisdictional Court also had after appreciation of those Seizure Papers convicted the accused. In this Case what should be purview of Court deciding Corruption Case against that Officer.