Arjun Rampal has failed to pay back Rs 1 crore loan to YT Entertainment. The actor took the loan in May 2018. The actor, however, has said that the issue has been cleared.
Actor Arjun Rampal has been sued by YT Entertainment for not paying back a Rs 1 crore loan to the company. According to a report in a daily, the actor took the loan in May 2018. The company has filed the lawsuit at the Bombay High Court (HC).
However, according to the report, the actor has said that the matter has been cleared. "The issue has been cleared and the transaction has happened," Arjun said. The actor added that he would make the rest of the things clear in court.
In the lawsuit, which was filed through solicitor Aurup Dasgupta, it is stated that Rampal promised to pay back the loan within 90 days, along with an interest of 12% per annum.
The actor also gave a post-dated cheque (PDC) of Rs 1crore. However, the cheque bounced when it was deposited on August 23. YT Entertainment then filed a criminal complaint against Rampal in October last year.
The actor then served a legal notice under Section 138 of the Negotiable Instruments Act, 1881 on October 8, where he was asked to pay Rs 1 crore with interest. Arjun was given 14 days to pay the amount to the company.
But, since the actor failed to pay the money back, a criminal complaint was filed against him in the metropolitan magistrate court at Andheri on October 29.
After the complaint, Arjun paid Rs 7.5 lakh to the company on November 22. Since the actor failed to pay the entire loan amount, a commercial suit was filed on Tuesday for recovery of Rs 1,00,50,000 with interest, after adjusting the Rs 7.5 lakh he had already paid.
Dasgupta has disapproved of Rampal’s claim. He said the actor has not returned the rest of the amount, apart from the Rs 7.5 lakh he paid to the company.