Person gave cheque to return money. Says no money in account.
18-Sep-2023 (In Recovery Law)
I gave a person Rs 1,50,000 for his business 2 years back.. he neither gave interest or principle in these two years.After insisting several times, he gave me a Check of Rs 50,000(Dated 5th Aug,2015) on July month. later when i asked him before putting check collection, he says that there is no money in his account. So please guide me in this situation.. What can i do?
Legally you can get this cheque bounced and send notice & thereafter file case against him.
But, your remaining amount of 1lac remains for which you will have to file recovery suit.
That too if you have a valid proof of giving 1.5.
If you dont have any proof, I would suggest that you tell him you want to cooperate him but want guarantee so he should issue you cheque(s) for entire 1.5 as per his convenience for a future date.
This will ensure your entire amount and thereafter if he doesn't pays you can get the cheque(s) bounced and take action against him.
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