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Saptarshi Paul (Advocate)     19 September 2010

MONEY RECEIPT NOT ISSUED

Mr X had a agreement to sale his shop to MrY for Rs 1,80,000/- and Mr Y advanced only Rs 80,000/- and one agreement of sale also prepared and signed by both.

After few days Mr Y said he don’t want to purchase the shop and ask Mr X to return advance money.

Mr X agreed and said Mr Y that he will return money in 3 installment that is 20000/- , 20000/- and 40000/-

Mr X paid Rs 20000/- in Jan 2006 and 20000/- in Dec2006, Mr x had written in the back side of original agreement paper about this two payments that out of 80,000/- he had paid 20000/- in Jan 2006 and 20000/- in Dec2006,

But when he last paid The remaining balance  in Feb 2007 that is  Rs 40,000/- he ignored to write any entry in the agreement paper as Mr Y was his friend so he never think it will create any problem.

Now Mr Y denied that Mr X had paid Rs 40,000/- to him and filed a money suit against Mr X

 

Now I need suggestion from all of you that how I can save Mr X has the original agreement paper and payment entry all are in the hand of Mr Y

 

Kindly guide me the proper provision of Law.

 

Regards

S Paul



Learning

 2 Replies

suresh (Advocates and Arbitrators)     19 September 2010

Dear Sir,

               Whether any time is specified in the agreement with regards to payment of balance sale consideration by Y to X? Whether any arbitration clause is provided in the Sale Agreement? If so better refer the matter to Arbitrator.

suresh

Saptarshi Paul (Advocate)     25 September 2010

no sir no such clause is there....kindly tell me what i do as Mr y already filed money suit


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