Regarding company law

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mukeshyadav (Querist)
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24 August 2013 Mr.A is age of 16 year having asset worth of rs. 10 lac, he is taken loan from Mr. B to get admission in engineering college and he agreed with Mr. B that he shall return back the loan taken after 2 year.but after 2 Mr. A is default .Mr.B want to recover his loan by sale Mr.A's assets.
would Mr. B suceed to do so subject to the provision of contract Act........?

V K Bajaj

V K Bajaj (Expert)
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25 August 2013 This question never relates to Company Law but of Common Law.

If Mr B has advanced loan on oral assurance/terms then he cannot succeed.

If it was advanced on written terms and conditions then Mr B can do so if the written agreement is valid.

mukeshyadav

mukeshyadav (Querist)
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27 August 2013 please send the provisions u/s 68, 69,72 of contract(quasi contract) act 1872. whether Mr. B is legally empowered to recover his loan amount.

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