What Is The Procedure To Recover Balance Amount From A Business Deal?
What is the procedure to recover balance amount from a business deal?
Free Legal Advice - civil law
Posted by: Sugandha Taneja
Posted on: 2018-08-27
It is advisable to file a summary suit for recovery of the amount due and payable. If the customer is a Limited company, winding up petition can be filed before the National Company Law Tribunal.
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Sir I did a registered mortgage by conditional sale to a person in 2006.according to deed if mortgagor donot pay the loan in specified duration (4 years) the deed convert in absolute sale and I(mortgagee) will be the owner of property and get possession of property. the person (mortgagor) didn't pay the debt amount after and before the specific time duration 11/10/2010.after date I request him many times to give money and return his lone.but he refused all time.in 2012 April i need to money urgent so I sale to mortgage property to a person (A) by registered sale deed.person A get possession and mutation in his name in govt record. person A paying property tax since 2012 to till now.now the son of mortgagor come to me and said I will give your amount and return my land otherwise I will go to court and case against you.sir I want to know do I did any wrong thing to sale my land(because I was the owner at selling time' of land according to deed of mortgage by conditional sale section 58 c transfer of property act1882). Can court rejecte sale deed who I sold to person A.
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