Rampal sued for failing to pay back Rs. 1cr loan
Arjun Rampal, who was last seen in Paltan, landed in legal trouble after he was sued for non-payment of Rs. 1 crore loan.
The lawsuit was filed by YT Entertainment who alleged that Arjun took the loan in May 2018 and assured to pay back within 90 days.
Since Arjun, reportedly, failed to pay back, he will be facing legal proceedings now.
Rampal's post-dated cheque of Rs. 1cr was dishonored
The company alleged that they had given the loan to Rampal at an interest of 12% per annum.
He had given a post-dated cheque of Rs. 1 crore. However, his cheque was dishonored.
"Rampal was given the loan on a rate lower than what most people in industry are usually given. But the post-dated cheque given to the company was dishonored," a source said.
Rampal was sent legal notice under Negotiable Instruments Act, 1881
In October 2018, YT Entertainment had sent a legal notice to Rampal under Section 138 of Negotiable Instruments Act, 1881.
"This means that they will have the right over any amount being paid to Arjun till their dues are recovered," the source added.
Rampal was then asked to pay back the loan within 14 days, failing which a criminal complaint was filed against him.
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Rampal failed to pay full loan amount despite the complaint
The company further alleged that after the complaint, Rampal paid Rs. 7.5 lakh as repayment of the loan. However, he failed to pay the entire amount of Rs. 10,050,000 with interest. Subsequently, a commercial suit was filed against Rampal on Tuesday for the recovery.
Issue has been cleared and the transaction has happened: Rampal
Meanwhile, Rampal defended himself saying that he had made the payment.
The Daddy actor also mentioned that he is ready to face the lawsuit and will clear things during the hearing.
"The issue has been cleared and the transaction has happened," he added.
On the other hand, YT Entertainment rubbished Rampal's claims and alleged that he didn't pay anything apart from Rs. 7.5 lakh.
Negotiable Instruments Act
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