Hi,
I am new to this forum and I seek an immediate help.
I had given some money to one of my friend in Jan 2012 to help out inhis business as an undecured loan, to be returned to be in 40 months period with interest. For 12 months he returned the amount with interest and later he reduced the monthly emi and for for the past more than 1 year he has not paid any money to me, as his business is doinf bad, and his account has become NPA. He is trying his best to get some funding and hs promissed me that he will return all my money before end of next year.
Now my question is:
1) WIll my agreement be vaild after the expiry of 36 months i.e. after end of Dec 2014?
2) Should I get the agreement renewed or should i enter into a new agreement? if so how?
3) Is any legal action possible against him since he has been dodging me for more than 1 year now and I know that he has no money and nothing to offer as collateral security as well, as that is already pledged with his bank.
4) He has given few security cheques (undated) for the amount he took from me. Can I present them and if that bounces can I file an FIR under N.I. Act?
Kindly respond and help me take a proper course of action.
Regards
RSR
