Legal Question in Credit and Debt Law in India

Dear Sir, I trapped in trouble. please help to overcome it. I am running a business in bangalre. I sold my business to one person for 16 lacs. He gave two 8 lacs cheque. We made the aggrement on stamp paper of handovering all the things to him. I deposited two cheques in my account and credited. I settel the credited money where i need to. After 2 days he stopped the payment of 8 lacs cheque. Bank also requesting me to pay back the 8 lacs to the that person. He is also threatening that he will not pay 8 lacs. I handover the business and everything. Now I am not in a position to pay 8 lacs back to him.Please suggest me the solution for this problem.


Asked on 12/16/16, 1:57 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

18.12.2016

Dear Sir / Madam,

Your email is a bit confusing since you say that the person who took over your business paid you the entire amount by two cheques of Rs. 8,00,000/- each which were already credited to your A/c. So I fail to reason out how one of the cheque was dishonoured subsequent to it being already credited to your A/c by the Bank. I suggest you take up the matter with the Bank and should the need arise, inform and involve the local Police to resolve it.

Regards,

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Answered on 12/17/16, 12:25 pm


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