Business partner Failed to pay the agreed amount
14-Nov-2023 (In Breach of Contract Law)
Me and my friend started a garment business for which we had taken 25Lakhs loan from the bank.
After some time, I have decided to come out of partnership.
My partner agreed to take over the company as well as to clear the bank loan.
Since the loan was in my name, we made an agreement in which it was mentioned that, he will become the sole owner of the company and pay the loan EMI 40000/- (Forty thousand rupees) to me every month without fail.
In the agreement it was also mentioned that, he will pay the bank interest as well as late fee if, there is any delay in making the payment.
Since, he took over the company, he made a sale agreement of his personal property worth 10Laksh as a security purpose. This was the only property which was in his name and there was no other option for me to agree to it even though the value of it was not equal to the loan amount .
He also gave the post-dated cheques to recover the EMI money.
It went fine only first two month and then problem started,
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