Legal Question in Civil Rights Law in India
Bonds/Agreement Null & Void
I am a businessman. A lady asked me for a sum of Rs.5 lacs at an interest rate of 15% per month which she promised to pay back in 3 months. As a security she mortgaged to me her land and the building in it. The agreement was signed between the two of us which stated that the land and building will go to me if the amount lended along with the interest is not given back on time. However, she could not pay me back, and the repayment period was extended on extra payment on her part and accordingly another bond was signed. Even after this and another several entended time given, she could not repay me and having no choice I just asked her to surrender and hand over her property which she morgaged and she did so without any force from me. However, she filed a civil suit against me, declaring that the agreemnts as null and void as they are against the provisions of Usurious loans act, 1918 and ask for the recovery of her land.
What chance do I have to keep the property or to get my money back with the interest agreed upon. It was her who fervently ask for the loan inspite of my hsitation. I have all the evidences, the bonds were registered in State Notary as well as the video covering signing of the said agreements.
4 Answers from Attorneys
Re: Bonds/Agreement Null & Void
dont worry its not a big thing and ur lawyer will be able to defend ur interests.
as u have many documents to show there is no cause of worry
Re: Bonds/Agreement Null & Void
Details are missing.contact with details like content of suit filed by lady,Agreement etc.
Re: Bonds/Agreement Null & Void
Usurious loans act, 1918 - here the plaintiff agrees the loan transanction only then she can file a suit under this act.
- she can claim that the loan amount/ interest are excessive or not as specified etc.,..
- under this act the court has the power to reduce the interest and fix the actual amounts due or paid or to return the interest paid!
- since you say that you have all the documents consult a lawyer in person he'll be able to defend you well.
you a good case! best of luck!
Re: Bonds/Agreement Null & Void
As you say you have all teh documents consult a lawyer with all the papers to defend you
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