negotiable act 1881
Querist :
Anonymous
(Querist) 21 June 2010
This query is : Resolved
sir,
one person has filed about 100 criminal cases under 138 niact 1881 against various persons tollalling around 90 lakhs.he has stated in his complaint he has lent as friendly loan @2%p.m. he also stated that he given without maintaining any books.and given in cash .he does nt have money lending licence.does his debt covered under legally enforcable debt??? any judgement on this subject?? plz provide me as soon as possible
s.subramanian
(Expert) 28 August 2010
Yes. It is legally enforceable debt since it is not time barred. Never mind about the money lending license. Having borowed money from him you cannot such defences. court will permit them. Moreover it is always open to the government to take action against him for all these. But that will not save from prosecution.
