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Loan recovery by using bounce chqs and notarized debt acceptance, the
21-Apr-2023 (In Recovery Law)
Hello, i gave a loan to my friend over a notarized loan contract and pdc chqs.. the money was given by bank transfer. Almost years have been passed in chasing and negotiating. Need an expert to understand how strong laws we have in such recovery and how long such cases are taking.. the chqs are undated and not yet presented to bank
don't file cheque bounce case you have to file ordinary recovery suit it hardly takes 3 months but you have to give court fee which is refundable.
after getting summon from the court opposite party have to reply with in 10 days.. this is very short process it comes under section 37 CPC.
after getting summon from the court opposite party have to reply with in 10 days.. this is very short process it comes under section 37 CPC.
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Adv. Ankush Chaudhary
Delhi | 200+ Answers
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In your case you can always file a complaint under 138 NI Act to recover your money. Date the cheques given and present it before the bank and if they bounces then it will attract the above mentioned act. Duration of case depends on many things but you must take at least 1 year. For more legal assistance I am just a call away.
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Adv. Jitender Singh
Delhi | 500+ Answers
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It’s wise that u posted this question here before using your own brain bcoz people do blunder n later regret …. Yes u did incredible job by making a loan agreement n taking pdc, cheque bounce comes under the negotiable instrument acts n court May grant compensation of double amount n upto two years of imprisonment … make sure u do not enter any amount more than specified n transferred in the cheque …plz b in touch
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Adv. D. Khan
Delhi | 500+ Answers
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Hi,
Going by the limited information provided by you I could gather the following points that you have issued a loan to your friend, let us know were you being paid any interest or not. Need to see your agreement so that proper legal advise can be given. What was the loan amount and how many cheques are there with you. It is better to schedule a meeting so that matter can be understood.
Going by the limited information provided by you I could gather the following points that you have issued a loan to your friend, let us know were you being paid any interest or not. Need to see your agreement so that proper legal advise can be given. What was the loan amount and how many cheques are there with you. It is better to schedule a meeting so that matter can be understood.
Helpful?
Adv. Ayush Kapur
Delhi | 200+ Answers
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