Consequences of Cheque bounce threat after one month
I Purchased Site from Vendor X 1,260 Sqft plot for Rs.13,50,000/= in the month of February during Registration time (22.02.2013) we paid Rs.7,90,000/- (via 7,30,000/- by Cheque and 60,0000/- Cash) and balance amount Rs.5,60,000/= payable in one months period through post dated cheque: 31.03.2013. The reason being we could pay only on selling our old property or taking loan on the property (this Vendor is already aware off and he agreed but he did not mention any consequences in case of delay in paying the balance amount.) So days went by and the one month time also passedby. On June 10th he deposited the cheque of Rs.5,60,000 and threatened us with the bounced instrument and we told him the situation that we are not able to sell the property at loss. Vendor X wanted cash at any cost, so we told him to find out any other buyer for the property (that we purchased from him) and take all the profit and repay our initial payment of Rs. 7,90,000/-. He agreed, on July 4th - we went for sale registration to other party introduced by the Vendor X and we got our proceeds of Rs. 7,75,000/- cash and the balance distributed among Vendor X and his broker but Vendor X did not return our cheque back (already stale cheque) and he is threating to sue me for interest. Please give me suggestion on this threat which Vendor X is taking advantage of the situation. During registration time Vendor X was also one among the witness in the sale registration document and my wife was also part of this witness. So is there any chance for the Vendor X to sue me for the bounced cheque. Thank you !
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