Company refusing to pay refundable security deposit
05-Feb-2023 (In Recovery Law)
I have an agreement with company , a electricals and electronics products manufacturer and supplier company of delhi. i give him security deposit of rs 20 lakh and he assured 25% minimum guarantee of security deposit annually through franchise agreement. but after one year it refusing to pay minimum guarantee and security deposit. i also give him a notice through lawyer but there is no response. I am from rajasthan and according to agreement jurisdiction is delhi. what can i do now to avoid case filing in delhi and how can i get my security deposit.
1. Winding up Petition in case the company meets the relevant criteria
2. Criminal Complaint against the company and its directors
3. Civil suit for recovery / arbitration proceedings in case the agreement has an arbitration clause.
I am presently advising on a similar issue with regard to another company.
In Delhi , there is a process of pre-litigation mediation. You can come to Delhi and ask for pre litigation mediation. In the same ,the other party will b e called and ask as to what is the dispute about and the mediator will try to resolve the issue out of court.
If not solved in mediation, you have no option but to file a case against them.
But to confirm this advice, perusal of the agreement between both the parties are required. only after going through the agreement, I can advise you better. Thanks
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