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Cheque with agreement against loan what action i can take legally
30-Sep-2023 (In Cheque Bounce Law)
Friend taken loan payable with interest monthly and given cheque of 8 lakh with agreement.during 2013. Further nos of cheque given earlier but three chequed bounced and about 10 cheque with and without date with me. Thereafter.ATM card given to draw 20000/ from pension . monthly but he cheated by taking loan of 10 lakh agaist that A/C now from Aug 17 not getting. Agreement was 6 monthly now neither paying instalment nor renewal the agreement. As per agreement I can take legal action if he is not paying instalment. PSE advice
Yes, you can take legal action against him by filing a criminal case for cheque bounce under section 138 of Negotiable Instrument Act for cheque bounce. As you have entered into an agreement with your friend, which imposes an obligation upon your friend to return the said borrowed money along with the interest calculated upon a prescribed and pre-agreed interest rate failing which, the friend liable for punishment under section 138 of Negotiable Instruments Act.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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