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Chit fund bid amount not given and intimated that they have cancelled


22-Aug-2023 (In Recovery Law)
I have prized a chit XYZ chitfund after the successful bid 10 lakhs chit I have given 1 Givt employee and 2 pvt employee sureties even thought they took 2 months to pay partial amount 3 lakhs out of 6.5 lakhs and on repeated request they haven't paid me full money . I have quoted sec 22 of chit fund act under this chitfund need to make payment after successful bid and fulfilled all terms and conditions . One fine day the chitfund director called me that they have cancelled and asked pay amount
Answers (1)

Answer #1
745 votes
hi if the chitfund company had unilaterally cancelled the chit fund amount and if they are not paying full money and if they are not acting as per terms then you could send legal notice to the company asking them to refund the amount
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