Chit fund default - I had taken
1 year ago
I had taken a chit fund from sriram chits and withdrawn my amount.
But due to finicial poor condition i could not repay and cannot pay now too
They have initiated 138 case against my blank security cheques and now one more case under chit fund act 1982 section 69.What is this 1982 section 69 is it very serious offence.
A.Dear client I am sorry to hear that. But thus is an arbitration case and you can always wait and see the decision.
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A.Dear Sir,
Section 69 in the Chit Funds Act, 1982
69. Decision of Registrar or nominee.—When a dispute is referred to arbitration under this Chapter, the Registrar or the nominee, may, after giving a reasonable opportunity to the parties to the dispute to be heard, make an award on the dispute, on the expenses incurred by the parties to the dispute in connection with the proceedings and the fees and expenses payable to the Registrar or the nominee, and such an award shall not be invalid merely on the ground that it was made after the expiry of the period, if any, fixed for deciding the dispute by the Registrar, and shall, subject to appeal under section 70, be final and binding on the parties to the dispute.
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It is Arbitration case
Section 69 in the Chit Funds Act, 1982
69. Decision of Registrar or nominee.—When a dispute is referred to arbitration under this Chapter, the Registrar or the nominee, may, after giving a reasonable opportunity to the parties to the dispute to be heard, make an award on the dispute, on the expenses incurred by the parties to the dispute in connection with the proceedings and the fees and expenses payable to the Registrar or the nominee, and such an award shall not be invalid merely on the ground that it was made after the expiry of the period, if any, fixed for deciding the dispute by the Registrar, and shall, subject to appeal under section 70, be final and binding on the parties to the dispute.
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It is Arbitration case
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