Cheque bounce

1 year ago

I was involved in subcontract business activity with person where it was decided that both will invest 50% funds for contract and share profit. He is proprietor of company. when contract was awarded in his name, he told due to problems on his side so he requested me to invest 100% funds which I arranged from friends and banks on my guarantee as I already invested some fund so I invested full amount.

I told him to provide agreement where he told agreement not allowed in subcontract work , I will involve you directly in work. He told he will open a bank account jointly in company name which will have both of us signatory. He told all funds will be received in this account for work and he will deduct his 3% share and you use that account for returning loan amount and rest balance after business activities is your profit or interest for money you provided me.

I dont know too much paperwork. He told me to make payment to various bank account for business and asked me to sign as he was not able to go bank. We successfully worked for sometime but afterwards he was not giving any invested money/loan or profit. We did calculation and he needed to pay more money but told at that time he doesnt have funds so he provided cheque amount for 30% of money invested (10 lakhs). Afterwards, he sent me notice and told you are only working for me and not allowed in contract work. He also accusing me of using compny funds whereas on his direction I signed cheque and made payments. He knows I dont have agreement for subcontract profit. The cheque issued has also bounced as he has closed bank account.

I have filed case against him. After 3 years, He has agreed to do settlement but he knows I had given 30% through bank account and 70% cash . I have proof that I was involved in contract and he also took his profit amount and transfer some balance amount few times to my bank account. I have bank proof for 50% of cheque amount which I gave him for work. He wants reduction in cheque amount and will not pay neither blance 50% cash amount nor profit for year of hardwork and 3 years of court time.My advocate advising to do settlement as I in need of money. Should I settle or fight in work for double cheque amount with interest and civil suits for recovery of profit amount. Request to provide legal advice for help.