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maturity of bond given in court, delay in process


06-Jul-2023 (In Civil Law)
Hi sir... We got an amount of 1lakh issued in court for my brothers death as compensation... The bond was for five years.. They have given the maturity date as 2/7/2017.. 2/7/2017 was Sunday so went on Monday but manager was leave on Monday and Tuesday.. Wednesday they r telling like they will renew for another five years.. Because it is written in bond that"as per court order,renewable for another period of five years.. But maturity date is given as 2/7/2017...We need that money very urgently.. Is there anyway we could get that money????? Please reply sir
Answers (1)

Answer #1
803 votes
Hi, You will have to give a letter to the Bank that under the Court order, the Bond was originally meant for 5 years. There was no condition in the Court order that it should be renewed for further 5 years. Therefore, the bank has under an obligation to return the entire maturity value as mentioned in the bond. In the event of Bank's refusing the refund of the maturity value, you can takeup the matter in the appropriate forum. Thanks and regards, S.Mohan/Advocate
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