What legal action can be taken on non payment of loan amount.

As we are getting 3L amount from 1 [email protected] percent interest with 2 blank cheques as proof for them. we paid 2.5L totally(incl.interest) .Now we are unable to pay full amount with interest.We request the person to reduce the original amount as we already paid 2.5L. He is not ready to reduce. Plan to lodges a case in court. what is the solution and how we can face them . Plz reply me .

Answers (1)

238 votes

This is a pretty common situation. On the books, I would suggest you keep up your promise and pay back the money with the agreed rate of interest. However, off the records, I can suggest a plan that might actually bring you some savings. Immediately lodge an FIR with your local police station that you lost your chequebook and you suspect someone you know has stolen it from your possession. Wait for the person to draw the cheque in his bank and let it bounce. He will issue a Legal Demand Notice, send a reply notice within 15 days denying giving him any such cheques. He will file a Private Complaint under NI Act in some Fast Track Court. Let the case go on. Take a stand that the cheque was stolen long back and you've a FIR to back it up. Drag the matter for few more hearings, and sit for a settlement if you are really interested. Let me know if you need any legal assistance, we can work something out!

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