Invested in a chit fund company got closed want to recover the money

Hi I was a enrolled in a chit on 2015 and then that chit company got broken. I got the chitty on that time and later on police arrested the directors and closed the company. After 3 year i have received a notice from high court saying i am a debtor to the company and i have to repay an amount of rs 69,900. if not paid they will move with revenue recovery. On that time i have submitted a blank cheque and a signed stamp paper to the chit company. What is the legal possibilty to go ahead with revenue recovery as i dont have any property in my name,

Answers (1)

319 votes

In your case you are the subscriber of the chitty and got money by priced / auctioned from the company . In the midst the company was broken even though it is your duty to repay the balance installments amount to the chitty company. You should appear before the High court and file statements and replay properly. Other wise recovery will done as per the record in court. So approach the High court in that case.

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