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Author Topic: Defaulting payment on sale of business  (Read 510 times)

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Offline vida

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Defaulting payment on sale of business
« on: June 02, 2018, 03:40:03 AM »
I had sold my business to a partner who promised to give me approx Rs.5L in February but have paid only 2.75 last month. He's been defaulting the payment for money months now. He's promised to give in many occasions but when the date arrives he didn't pay them.

Due to him not clearing my money i am paying interest to my credit card company and another third party. I had told this person and he's given his promise to clear all these interests i have to pay.

But now he's saying he cannot all the interests but will pay about 1.5% because the law states so.

1. He's agreed to pay them until now
2. I am not lending him money. I am not a money lender to charge %. He agreed to pay the interests for delaying my payment.

This is not money lending but a sale of business in which he's been defaulting on payment of my dues.

Since he's threatened me with legal provisions i am thinking of suing him. What would you advise.

LOcation Bangalore.

Offline Lindseyz

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Re: Defaulting payment on sale of business
« Reply #1 on: July 06, 2018, 12:32:26 AM »
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