Does a promissory note come under legal liability or not?


Does a promissory note come under legal liability or not? If I go to the high court can I win the case? If the signed promissory note, cheque and the signatures are admitted by the accused, is it enough to prove us right in the high court. Please kindly guide me.

 

Answer

 

The facts stated before the court were in contradiction. You took two different plea before the court, which according to Court can be described as afterthought. This made your case weak.

 

Further, please specify when you gave 25 lakhs loan did you take anything in writing or you  just took a promissory note. Furthermore, also specify in whose favor was promissory note issued?

 

If the promissory note was issued in favor of the complainant and the execution of cheque is not denied, it could be presumed under Section 118(a) and Section 139 of Negotiable Instrument Acts that the instrument was made or drawn for consideration.

 

Whether you can go for an appeal or not, can be only answered after examining the copy of the order and the entire file. We have to examine the points of law on which you can appeal. Without examining the file, we will not be able to comment on the same.

 


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