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I have given Handloan to relative. What are my legal options
28-Jun-2023 (In Cheque Bounce Law)
I had given a total sum of Rs.950000/- to my cousin to meet his father medical expenses and for there family needs around 6 months back. As proof of security he had given me 3 blank cheques (Open Cheques), 2 promissory notes and a Rs.20 Bond paper (Blank signed). Now, when I insisted him to pay back money atleast partially he is denying. So, shall I present his cheque so that it bounces and then can I legally approach under Negotiable Instrumental Act 138. Please suggest on further approach. I had given my hard earned money by doing night shifts continuously.
You can do so. You have a better case in your hand. One thing you should remember that since the amount you lent is huge. You have to explain your capacity to arrange such huge amount to lend loan to him.
Approach a lawyer and Persie the matter properly.
Thanks.
Approach a lawyer and Persie the matter properly.
Thanks.
Helpful?
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45+
Adv. Mustafa Ali
Hyderabad | 100+ Answers
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Dear Client,
When you advanced Rs. 9,50,000/- as loan why did you not obtain filled promissory note, cheque. Obtaining blank cheques, promissory notes is an offence and invalid in law. Atleast you should not reveal the same open in public media. What is he and what are you. My first question is whether your borrower has any properties. If you present cheques and file cases on the basis of filled promissory notes and cheques, can you recover the amounts that you have lent to him. If he is a pauper, mere filing of cases is a vain attempt and waste of your precious time. So decide, if he has any properties to recover to the extent of your loan, interest and legal expenses, then you must present cheques and file civil suits attaching his properties, so that your debt will become secured and recovered. Otherwise your spending amounts on non recovery of debt becomes a waste of time and money for you. Take expert legal advise and engage and expert advocate who has been practicing on civil side and filing cases under Section: 138 A of Negotiable Instruments Act. Take appropriate decision and move quickly, otherwise he will dispose off the properties and your debt will not be recovered.
When you advanced Rs. 9,50,000/- as loan why did you not obtain filled promissory note, cheque. Obtaining blank cheques, promissory notes is an offence and invalid in law. Atleast you should not reveal the same open in public media. What is he and what are you. My first question is whether your borrower has any properties. If you present cheques and file cases on the basis of filled promissory notes and cheques, can you recover the amounts that you have lent to him. If he is a pauper, mere filing of cases is a vain attempt and waste of your precious time. So decide, if he has any properties to recover to the extent of your loan, interest and legal expenses, then you must present cheques and file civil suits attaching his properties, so that your debt will become secured and recovered. Otherwise your spending amounts on non recovery of debt becomes a waste of time and money for you. Take expert legal advise and engage and expert advocate who has been practicing on civil side and filing cases under Section: 138 A of Negotiable Instruments Act. Take appropriate decision and move quickly, otherwise he will dispose off the properties and your debt will not be recovered.
Helpful?
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Adv. Sistla Rama Krishna
Vijayawada | 400+ Answers
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Dear,
No offence will be made out against your cousin under Section 138 of the N.I.Act if the cheques that your cousin had issued are dishonored as he issued the cheque only for security and not for discharge of any debt or liability. Coming to promissory note, you can file a suit for recovery of money against your cousin if the pro note is less than 3 years old.
No offence will be made out against your cousin under Section 138 of the N.I.Act if the cheques that your cousin had issued are dishonored as he issued the cheque only for security and not for discharge of any debt or liability. Coming to promissory note, you can file a suit for recovery of money against your cousin if the pro note is less than 3 years old.
Helpful?
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Adv. B. Srikiran
Hyderabad | 500+ Answers
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