Promissorynote
kathyayani krishna
(Querist) 26 August 2019
This query is : Resolved
respected sir/madam,my friend X lent Rs 295000/- against cheque in 2017 as hand loan to her friend Y, and deposited the cheque as per suggestion of borrower twice, but bounced due to insufficiency of Funds. later on consultation borrower expressed her inability on immediate repayment and as consequence executed a promissory note for the same amount promising 2/- interest. But till date she hasn't cared to repay the principle or interest. Now no resort left, other than filing suit for recovery. our query is that shall we file cheque as supporting document in promissory note suit Advain nce (or) file a suit exclusively on promissory note. Thanks in Advance....
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Isaac Gabriel
(Expert) 26 August 2019
File a suit on the basis of promissory note.
Dr J C Vashista
(Expert) 27 August 2019
Cheque will support the suit for recovery.
P. Venu
(Expert) 27 August 2019
Yes you can file a suit and the cheque would be form the supporting document. what is meant by "2/-"? Law prohibits charging of exorbitant interest.
