raj malhotra (M.D) 11 October 2011

Pls help...im in distress

my earlier post was as follows....

hi members...

one of my friend has taken home loan on his house for 70 lacs rupees...as he was unable to repay the loan ,bank was going for auction of his house ...but my friend settled this matter for 70 lacs and asked for some help from me...i gave him 10.5 lacs rupees but as a security i took full n final agreemnet of 15 percent share of his same house ...this agreement shows that he has sold 15 percent of this house to me in lieu of 10.5 lacs...out of this 10.5 lacs i have done part payment by cash and part payment by a/c payee cheque....but when he went to bank with 70 lacs bank refused to release his house n bank demanded 85 lacs ....now my friend has entered in to a dispute with bank and has filed a petition in civil court...as he wants to get his house released for 70 lacs rupees and he is saying me to wait for this dispute to get over but i want my money back...now what i can do in this situation, how to deal with it????

suppose if he remains in dispute wid bank wht i can do in such situation and if he gets his house back can he sell it or get loan on it without my consent???thanks in advance members...

NOW AS MY FRIEND HAS ENTERED IN TO DISPUTE WITH BANK HE HAS STARTED DEMANDING MORE MONEY FROM ME...AND HE SAYS TO ME THAT IF I WILL NOT GIVE HIM MORE MONEY HE WILL NOT RETURN MY 10.5 LACS RUPEES...I SERIOUSLY WANTED TO HELP HIM BUT HE TRYING TO TAKE ADVANTAGE OF ME...HE IS NOT RETURNING MY MONEY AND INFACT DEMANDING MORE MONEY AND THREATENING ME...WHT SHULD I DO??I WANT TO TAKE ACTION AGAINST IT...HOW SHULD I PROCEED???SHULD I FILE A POLCE COMPLAINT OR FILE A PETITION IN COURT???UNDER WHT SECTIONS I CAN FILE FOR AN OFFENCE???PLS GUIDE ME MEMBERS....THNKS IN ADVANCE..

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3 Replies

K. GOPALAKRISHNAN (ADVOCATE) 11 October 2011

First of all, you should not have entered into such an agreement with your friend, when he had a equitable mortgage of the property with the bank. Would you clarify whether you obtained any demand promissory note for the amount you given to your friend or even a cheque for the equal amount. In that case, you may proceed against your friend through a money suit or by a criminal complaint for recovering the money paid. The agreement entered with your friend is invalid and unlawful.

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raj malhotra (M.D) 11 October 2011

no sir i havent taken any note or blank cheques...i have got full n final payment agreement of the said amount on which my friend has signed on 1 rupee stamp called rasidi ticket...wht shuld i do...?

K. GOPALAKRISHNAN (ADVOCATE) 12 October 2011

You agreement with your friend for a property which is under the recovery process and entering into such an agreement is void and invalid. Hence, try to get a cheque from your friend for the amount or a signature in a Pro-note to avoid further hardship.