Sum borrowed
karthik
(Querist) 01 January 2012
This query is : Resolved
I borrowed a sum of Rs 75,000/- from a friend and paid interest for almost 15 months due to some financial problems i am unable to clear the debt and also interest and requested time for the same ......for almost 6-8 months now he is forcing me for money and threating that he would lodge a police complaint i am student, can he lodge a police complaint or sue me in court for this i gave promissory note for the same and a blank cheque also .....
How can i make him wait for next 2 months it takes time for me to get money
I am tensed as i am student may be this case and all may ruin my career
Please suuggest me some idea
V R SHROFF
(Expert) 01 January 2012
Karthik,
Being a student, you should not borrow money to this tune of Rs. 75000/-
i believe you must have not informed your parents also.
Now go to advocate issue him a notice not to deposit the cheque you issues as security, and that you had already paid you the entire sum by cash, and return the cheque.
also lodge Police Complaint that he is threatening and demanding heavy interest, and you have no any liability to him now, and he is not returning your cheque and pro note, even-though you paid him fully.
DO IT NOW, AND FORGET WORRY-NO TENSION, ONLY STUDY.
DO NOT TAKE LOAN NEXT TIME.
ALSO INFORM YOUR PARENTS.
Your parents do not expect failure o
karthik
(Querist) 01 January 2012
mY PARENTS know this infact i borrowed the amount for my studies only sir
V R SHROFF
(Expert) 01 January 2012
Then your parents should have signed & taken Loan for you. Why you have to execute Pro note & cheque.
As you issued cheque, you must be major, it'nt it Shri Arunagiri?? I believe bank do not issue cheque book to Minor.
Advocate M.Bhadra
(Expert) 01 January 2012
Did you have issued any cheuqe or promissory note? to give proper advise it is needed details facts,without valid license money lending for gaining interest is an offense,without any document your friend would not be able to file a case.You should disclose the facts to your guardian who are the best well wishers.
V R SHROFF
(Expert) 01 January 2012
Minansu, he said he informed his parents & issued cheque & pro note recd amt for his study.
Advocate. Arunagiri
(Expert) 01 January 2012
Mr.Shroff,
logically, you are correct. However i just wanted a confirmation from the author, to give my opinion.
V R SHROFF
(Expert) 01 January 2012
Shri Arunagiri, IT IS OK
I advised, attack is the best way to protect, otherwise this poor student will worry & loose his academic year also.
The Money Lender must have collected full amt as interest in last 15 months, and will drag him to court, which the poor student may not be able to afford to win as accused.
prabhakar singh
(Expert) 02 January 2012
Dear authorkarthik!
If on the date you signed the pronote and cheque your recorded age in your high school papers certificate counts below 18 then you are safe and he can not prosecute you in any cheque bouncing case otherwise you have invited some trouble.
J K Agrawal
(Expert) 03 January 2012
Dear Sir
I am not clear on this issue but I think a criminal case under section 138 can be filed against even minor however no civil liablity is there.
Again if an action is filed u/s 138 NI act it should be for an "emforceable debt" and here 138 action defetes.
Please advise me more
Advocate. Arunagiri
(Expert) 03 January 2012
The author is not replying me on his age. It seems that he forget about his query.
V R SHROFF
(Expert) 03 January 2012
Mr Agarwal & Shri Prabhakarji,
I pointed out earlier That "I believe bank do not issue cheque book to Minor."
If answer in affirmation, Question does not arise,
Any case filed on minor u/s 138NI?
Adv Shroff
03-01-2012
prabhakar singh
(Expert) 03 January 2012
Dear sir V R SHROFF!
Kindly permit me to state that minor +12 age are allowed to open the Bank a/c with operation of a cheque book.
The doubt cast in mind of dear Mr.J K Agrawal shall stand out by following provision of N.I.Act.......
"26. Capacity to make, etc. , promissory notes, etc.-
Every person capable of contracting, according to the law to which he is subject, may bind himself and be bound by the making, drawing, acceptance, endorsement, delivery and negotiation of a promissory note, bill of exchange or cheque.
Minor.- A minor may draw, indorse, deliver and negotiate such instruments to as to bind all parties except himself.
Nothing herein contained shall be deemed to empower a corporation to make, indorse or accept such instruments except in cases in which, under the law for the time being in force, they are so empowered."
V R SHROFF
(Expert) 03 January 2012
Sir,
MY QUESTION IS , WHETHER ANY MINOR WAS PUNISHED u/s 138 N.I.ACT??
Whether in Indian Courts , ANY Minor is ACCUSED of Sec 138 N.I.Act?
I believe the answer is NO.
If so the Q do not arise, in this particular case to consider his minority.
prabhakar singh
(Expert) 03 January 2012
Dear sir!
No minor can be punished u/s 138 NI Act. Your believe is exactly and doubtlessly correct and is in accordance with law laid down in section 26 of the NI Act....'A minor may draw, indorse, deliver and negotiate such instruments to as to bind all parties except himself.'
J K Agrawal
(Expert) 05 January 2012
Thanks Singh Sahib
You are very clear on this issue and you guided us well.
prabhakar singh
(Expert) 05 January 2012
Welcome!I owe a duty towards all of you.
