Legal Question in Credit and Debt Law in India

mou
i have got into an agreement with a person from whom i had taken a loan.i had taken ten lakhs loan from a person and signed a mou mentioning that i would return the money back once i sell my property within sixty days.but just incase if i am not able to sell the site, what am i supposed to do?according to the law what is the financier supposed to take as his next step?please advice.

Asked on 2/23/09, 11:54 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: mou

Your statement is incomplete with regard to execution of documents signed by you in favour of the financier.

In any case, the followings are possible :

(a) recovery suit; (b) attachment of your properties pending suit; (c) criminal prosecution; and (d) a jail term.

Answered on 2/23/09, 12:19 pm

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: mou

Facts missing.

Answered on 2/24/09, 4:31 am

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