Cheque bounced
Vibhor Sharma
(Querist) 18 February 2013
This query is : Resolved
hi, first a fall a very good evening to one and all.
i lend a big amount of money to my friend for his business purposes 2 years back. We made a deal(no paper and no signature) at that time i.e. he will be giving 3% interest to me every month and will return me whole amt whenever i am in need. Our deal works fine till august 2012 but after that he never paid the decided interest rate and when i ask or request him to hold our deal...he say his business is not going good but he will surely return every penny he had borrowed from me.
In previous year, he gave me 3 checks(issue date:- dec 2012) comprising of some part of amount(cheque of 75% amt) he had borrowed from me and give me a paper in his own handwriting stating that he had borrowed so and so amt from me(he give me that note in Oct 2012).
now, still he is neither giving me any interest on money he had taken from me nor returning back me the whole amt.
Instead of that in Jan 2013, he told me that he is not going to pay me any amount and said do whatever you can do.....i told him that i had the 3 cheques signed by you but then he said you can't do anything from those cheques as i will say that these cheques are forced fully signed by me or he will admit that his cheques were stolen by me.
please help and advise what can i do in such case.
also as per latest rule, from 31st march old cheques are not valid and please let me know the validity of a cheque as he issued the cheques on 25th dec 2012 so as per my knowledge they are going to expire by 25th march 2013. I haven't applied the check because i know he dont have the amt to honor the cheque. please guide me.
ajay sethi
(Expert) 18 February 2013
present the cheques . let it be dishonoured . issue legal notice for dishonour . yjrmn file complaint under 138 NI . you wont get your interest at 3%pa . there is no agreement to pay interest .
also file summary suit for reovery of principal amount with interest at 18%pa .
contact a local lawyer .
Vibhor Sharma
(Querist) 18 February 2013
thank you for the reply...Ajay.
let me consider the worst case that he is bankrupt now and wont pay his outstanding amt any more......so in his case does his family members are liable to pay the amt...is this comes under any law OR
the machines or land used for his business or any property on his name will be auctioned off to pay the amt(principal + interest amt)..?
Vibhor Sharma
(Querist) 18 February 2013
and one more thing....how much time do you think court will take to announce the judgment.
Kiran Kumar
(Expert) 18 February 2013
pursue both civil as well as criminal law remedies.
under 138 NI proceedings he will be given an opportunity to pay off his debt in case he denies and subsequently you prove your case then he will be punished for it and the court may award compensation also. His family members wont be liable for his offence. However, his estate can be proceeded against if you pursue civil remedy as well.
Devajyoti Barman
(Expert) 19 February 2013
Family members are not liable to make payment.
The judgments should not come before five u=years.
prabhakar singh
(Expert) 19 February 2013
Present the cheques with in validity period.
If it goes bounced (dishonored)collect the bank slip notifying reason of dishonor and get in touch of a lawyer to issue notice calling him to pay within 15 days from the receipt of notice,and if he does not pay file complaint with in a month without fail.
There after file a small cause civil summary suit ,serve upon him suit's notice,then either he appears or not also serve upon him summons of judgement,and if he seeks leave to defend contest and pray court he may plight to frustrate decree,the court shall ask him to furnish security.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 19 February 2013
1) Your transaction is illegal and time barred.
2) And if you belong to some of state like AP or Maharashtra than the accused can complain to the Govt for illegal money lending and action as per existing law will be very harsh against you.
So take care and instead of venturing into legal action try to settle the matter.
ajay sethi
(Expert) 19 February 2013
it is advisable to file civil case immediatedly . your lawyer will take precautions and mention it was a friendly loan . otherwise you need a money lender license to advance money to third parties .
in summaery suits you cna expect an order in summons for judgement in 6 months .
cheque bouncing case will take time
Raj Kumar Makkad
(Expert) 19 February 2013
Nothing to add more in the given advice.
