Dear Sirs,
In order to safegaurd the interest of the borrower, I have not submitted the real name in this query, hence, I apologise for this.
Mr.R is a money lender from Andra pradesh. Mr.Mahesh is the builder in Bangalore. Mr.R lends money and enters into an agreement of sale with Mr.Mahesh for the said amount to purchase two apartments, which is ready for occupation. Apart from this, he gets the promisory notes signed for the said amount. Then, gets blank cheques, signed by Mr.Mahesh without the date and the amount. Mr.Mahesh, due to his financial constraints, does enter into sale agreement (unregistered without possession), executes promisory notes and also issues cheques (blank) and the interest rate mentioned in the docs is 24% per annum. But, in practice, it is 48% P.A.
Mr.Mahesh, defaults the payment as he could not discharge his liability and repay the loan.
Mr.R, the money lender has now approached the court with specific performance of the sale agreement in the civil court, October, 2016.
Subsequently, he deposited the cheque in Andra Pradesh, and the cheque got bounced and initiated Crpc 138 suit in A.P, April, 2016.
Based on the Promisory Note, initiated recovery proceedings at Bangalore for the amount lent in September, 2016.
Mr.M, passed away in july, 2016.
I need your valuable guidance and advice to proceed in this matter further at bangalore.
