Refundable security deposit

marudhu (Querist) 04 February 2024 This query is : Resolved
Hello sir/madam,
I pay the 12 lakhs for refundable stockist deposit for one tyre company. They made a refundable deposit agreement for 2 years and termination column they clearly mentioned if whenever we exit or they terminate within 30 days they will refund the stockist deposit amount. But in last July 2023 i send a mail for cancellation of stockist agreement they accept and reply the mail we need extra one more month for repaying deposit. I accept. But they not paid in October 2023 and now nearly 6 months gone still now Feb 4 they not pay and avoid my calls. And now they stop entire sales and all activities. The agreement made time the company is OPC pvt ltd now they changed to pvt Ltd. So experts please advise me what to do for getting my money back.

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Quick Summary

A stockist paid a 12 lakh refundable deposit for a 2-year agreement. Despite the agreement stating a 30-day refund upon termination, the tyre company has failed to return the deposit for six months after accepting the cancellation. The company has also ceased all operations. Advice suggests pursuing legal action, including issuing a legal notice and filing a money recovery suit, even if the company has changed its name or stopped trading.

kavksatyanarayana (Expert) 04 February 2024
The name of the company may be changed but you can file a case against the company to repay your deposit amount. Consult a local advocate with the material you have.

marudhu (Querist) 04 February 2024
Thank you Mr. KavkSathyanarayanan sir...

I have one doubt they stop their sales and all activities, if incase they told company loss or any other reason, any chance to pledge owner property and settle down our amount.

kavksatyanarayana (Expert) 05 February 2024
If you file a case the court will appoint the commission if necessary as per evidence.

T. Kalaiselvan, Advocate (Expert) 09 February 2024
You first issue a legal notice demanding the return of the deposit amount within one week from the date of receipt of the legal demand notice, failing which you can proceed through court to file a money recovery suit on the basis of the documentary evidences in yor possession

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