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Cancellation of franchise & refund of security deposit
16-May-2023 (In Corporate Law)
We took franchise from Industrial Development Trust of India (An NGO which is claiming to be registered with Govt of West Bengal) for business of potato & paid them a security deposit of Rs250000. The agreement paper they have provided on a stamp paper is rubber stamped but not signed by any trustee till now. Just before starting the business we came to know regarding Mr Subrata Adhikary (previous owner of Sumangal Group, arrested for money laundering case in 2014) who is all in all in the company & the main decision maker, but kept another person as trustee whom we never met. After knowing Mr Subrata's past we wrote one application to the company that we don't want to continue & explained them the actual reason that we don't want to continue with the company due to Mr Adhikary's past profile. But the company is not accepting the explanation, not refunding the security deposit (thogh it was mentioned in the agreement that either party can terminate the contract with one month notice.
Madam/Dear Sir, the said Trust is bound to comply with the terms and conditions in the agreement and terminate the contract if you so desire and refund you the security deposit. You are advised to send them a legal notice, to be drafted by us, and if they fail to return you the said security deposit we will assist you in getting return of the same. Please contact for more details.
Helpful?
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Adv. Abhishek Dutt
Kolkata | 100+ Answers
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I have failed to comprehend your issues.Presuming that you have invested in potato bonds​ and parked a lump sum amount​ of money as security deposit.I am rather confused to read your query that once you've stated that IDTI is NGO and subsequently you have mentioned that it is a company.Which one is correct? Agreement ,if not legally enforceable,is not contract hence can not be very much helpful​ to you.
Moreover, the agreement stated to be unsigned.From all angles of law, this is an act of deliberate deception to make you financially loser.
The entire matter is to be examined thoroughly in legal perspective . Prima-facie the organisation referred here can be booked for stated criminal breach of trust and willfully causing breach of mutually agreed upon financial obligations.
Before embarking upon any conclusion,I wish to go through all connected documents.
If you so desire, contact me through lawRato.
Moreover, the agreement stated to be unsigned.From all angles of law, this is an act of deliberate deception to make you financially loser.
The entire matter is to be examined thoroughly in legal perspective . Prima-facie the organisation referred here can be booked for stated criminal breach of trust and willfully causing breach of mutually agreed upon financial obligations.
Before embarking upon any conclusion,I wish to go through all connected documents.
If you so desire, contact me through lawRato.
Helpful?
38+
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Adv. Goutam Majumder
Kolkata | 200+ Answers
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Dear Querist,
1. Send a Demand Notice under Section 8 of the Insolvency and Bankruptcy Code 2016 to the Corporate Debtor demanding the refund of Rs 250000 within a period of 10 days from the receipt of the said Demand Notice.
2. After a period of 10 days from the date of the receipt of the said Demand Notice, make an application under Section 9 of the Insolvency and Bankruptcy Code 2016 for initiating a corporate insolvency resolution process before National Company Law Tribunal (NCLT) having jurisdiction of the same.
1. Send a Demand Notice under Section 8 of the Insolvency and Bankruptcy Code 2016 to the Corporate Debtor demanding the refund of Rs 250000 within a period of 10 days from the receipt of the said Demand Notice.
2. After a period of 10 days from the date of the receipt of the said Demand Notice, make an application under Section 9 of the Insolvency and Bankruptcy Code 2016 for initiating a corporate insolvency resolution process before National Company Law Tribunal (NCLT) having jurisdiction of the same.
Helpful?
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Adv. Sohail Haque
Kolkata | 25+ Answers
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