X wanted loan and he approached Y
Y Got the file to Z
Here Y and Z are middlemen
Z had heard that a person called A does finance so Z approached A with the file.
Z agreed to Arrange Loan.
meeting was arranged where X,Y,Z,A and few others present.
Terms were decided like Amount, rate of interest, and commission in favour of A is included in the MOU.
A demanded amount of 5.5 lac as gurantee charges from X . So X gave present date cheque to A and took a Post dated cheque of 15 days of the same amount. the amount 5.5 lac had to be refunded to the party X along with the loan amount or if he is not able to arrange loan .
one point was added in the MOU that "in unforeseen reasons if A is not able to arrange the loan then he has to return the advance amount that s 5.5 lac."
and it was also that this MOU stands good till 31st march.
PArty A has failed to give loan and he is borrowing time from the party X .
Y and Z had asked X not to give time but still X continued giving A time.
My question is Does the mediators are responsible for the Advance amount refunding.are they liable?
only one mediator that is Z has signed as witness in the MOU.
PArty A is not having funds in the account of which he has given the cheque