I entered into a contract with a property dealer firm to buy a land.
I paid some 3 Lacs in advance and 2.7 L in 30 interest free EMI.
Per contract if I do not want to purchased land, I can anytime ask for cancelation of contract and and the dealer would pay me 18 pct interest on all my money paid. he would take one month to refund me, and wont pay interest for that one month.
I asked for termination of contract after paying EMI for 28 or 29 month.
I received 3 cheques from him 2 for principal amount and 3rd for interest (nearly 2 L of interest).
The 3rd cheque is dishonoured by him.
I talked to him, he says market is not doing good, money is hard to come by hence I am unable to pay. He may be ready to issue another 3-4 month PDC in lieu of dishonuored.
I get to know I can file a complaaint in Sec 138 of Negotiable Instrument Act and us 420 of IPC.
How good my position is if I take a legal action against him?