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seeking extra time from creditors
05-Dec-2023 (In Cheque Bounce Law)
i have purchased goods from my party for credit due to business dull i cant give money on time i need extra time to repay but the party not accepting tourchering heavily is there any law
If you are not able to pay the amount, the other party can file the suit for the recovery of debts after sending legal notice. When you get legal notice, you have to send reply by requesting for time or by raising any questions regarding the goods for the purpose of extending the time for payment..If you gave any cheque, the other side might file a case for cheque bouncing..If it is so, you have to send a reply asking for the extension of time for the payment.. Everything depends upon your facts and circumstances of your case...
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Adv. Mohamed Kassim
Chennai | 25+ Answers
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You can send a formal representation by registered post to the opposite party asking him to give you time in repaying the debt. If he refuses to give time you can send legal notice saying you are ready to pay the borrowed money and ask time to repay. If he threatens you then you will take legal action against him under exhorbitant interest.
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Adv. N Sakthivel
Chennai | 25+ Answers
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