Arjun Rampal sued over non-payment of loan

Entertainment

14 Feb 2019

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.

Here's more.

Allegation

Rampal's post-dated cheque of Rs. 1cr was dishonored

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.

Complaint

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.

Statement

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.

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Most asked questions

Why was Arjun Rampal sued?

How much loan did Arjun Rampal take?

Which was Arjun Rampal's last movie?

Did Arjun Rampal repay the loan?

More questions

Why was Arjun Rampal sued?

Asked 2019-02-14 14:19:14 by Amit Rodrigues

Answered by NewsBytes

Arjun Rampal has been sued for the non-payment of the loan of Rs. 1 crore which he had taken in May 2018. He was supposed to repay the loan within 90 days.

How much loan did Arjun Rampal take?

Asked 2019-02-14 14:19:14 by Devansh Mukopadhyay

Answered by NewsBytes

Arjun Rampal took a loan of Rs. 1 crore from YT Entertainment in May 2018.

Which was Arjun Rampal's last movie?

Asked 2019-02-14 14:19:14 by Cheshta Mehra

Answered by NewsBytes

Arjun Rampal was last seen in JP Dutta's multi-starrer war drama Paltan in 2018.

Did Arjun Rampal repay the loan?

Asked 2019-02-14 14:19:14 by Pari Trivedi

Answered by NewsBytes

According to Arjun Rampal, he had made the transaction for the repayment of the loan. However, YT Entertainment rubbished his claims.

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