Legal Question in Business Law in India

HI, I just want to ask what I should do with this case. A broker, which is a developer as well, bought a lot, wherein the payment was in cheques, postdated cheques, one cheque dated each month (probably the last cheque was dated 2022). The seller of the lot rediscounted all the cheques to different people. However, the broker now knows that the lot she bought is problematic, so what she did is she ordered stop payment for the cheques she issued, but not all the cheques were included in the stop payment order. Cheques that were rediscounted by people like her siblings and friends are funded. Which for me is so unfair since I also rediscounted some cheques, what should I do? I also asked the broker what will happen with the cheques not funded and she told me that I will just get the refund for what we paid, but for us who rediscounted the cheques, it’s an investment and we waited for months hoping that we will get the exact amount in the cheques. What should we do, at least get the capital and the interest on what we have paid and waited for long time? Please help. Thank you

Asked on 5/05/21, 9:53 pm

1 Answer from Attorneys

Rajiv Chandhok Ph: +919810050896

Dear querist,

I think you have been cheated. There has been discriminatory business done in this deal. However I advice you to calm down and take what ever you are fetched through the broker. If the broker fetches you the refund without any paperwork then thereafter kindly claim the balance legally as promised on discounting. In case you do not get any refund then you have the following remedies:

1. File an FIR for cheating against the seller and the broker. The seller because he ought to pay what he promised and the broker because she ordered the stop payment of the cheques.

2. File a recovery suit along with payment of Mesne Profits for the amounts payable to you by the relevant parties.

3. Suit for damages.

Read more
Answered on 5/06/21, 12:10 am

Related Questions & Answers

More Business Law questions and answers in India