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Assured Returns not being paid. What to do?
07-Jan-2023 (In Property Law)
I have invested in two commercial property units (Retail unit and Fine Dining unit). My assured returns as per the MOU were supposed to start last year but I have received no payments till now. I have sent several chasers with no luck. Any guidance would be appreciated.
You can send him a legal notice quoting the clause of Mou. You have to explain the exact payment terms and the amount due to you. Usually the other party is given 15 days to reply to the notice. In case he doesn't refund the said amount, you can then approach the court by way of filling a civil suit for recovery. After the court proceedings you will be entitled to the said amount along with a reasonable interest on it
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Adv. Abhay Pratap Singh
Delhi | 25+ Answers
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Sir in such kind of situation you can file a civil suit or a consumer case against the builder for not fulfilling the promise or can file a criminal case against the builder wherein FIR can be registered against the builder for cheating you.
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Adv. Harshit Jain
Delhi | 100+ Answers
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Hello,
May I know the jurisdiction of these properties? You can send them a notice that according to MOU they are not paying your returns. Is there any other agreements? Please let me know if I can help you in any case.
May I know the jurisdiction of these properties? You can send them a notice that according to MOU they are not paying your returns. Is there any other agreements? Please let me know if I can help you in any case.
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Adv. Jayatee Chatterjee
Delhi | 200+ Answers
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If your return is above Rs. 1 Lac, in that case you may file a petition under section 271 and 272 of Companies Act, 2013, seeking windingup of the Company. Or in case your assured return is below 1 Lac, than you may file a summary suit.
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You have many alternative remedies. File a criminal case and also approach consumer court. These litigations are very common nowadays. You can also file winding petition before Delhi High Court as you are creditor
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Adv. Akash Vajpai
Delhi | 100+ Answers
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