One of my Partner X got retired from the Partnership firm few months back. While Signing the Retirement Deed X also gave an Signed Acknowledgement on Letterhead that he Received My Instruments bearing Cheque No. & Promissory Notes as a Surety in order to receive his Investment & Profit Amount of 20 Lakhs which the firm is liable to him during his Retirement. After a Month we paid his 20 Lakhs & he also gave Amount Received acknowledgement on 100 Rs Stamp Paper also. BUT He haven't Returned My Cheques & Promissory Notes.
Suddenly after 20 days X insisted to bounce my cheque through some Y Person & issued Legal notice stating that Myself is liable to Mr. Y by 18 Lakhs which is mentioned on my blank signed Promissory Note & on repeated requests that I gave a Cheque for 9 Lakhs as a Part payment But it got bounced in the Bank. So, I has to arrange that amount in 15 days or else that Y person will file NI cases against me. But I had Proof of Letterhead Acknowledgement & proof that also shows amount 20 Lakhs received by X after his Retirement But failed to return My Instruments after his Retirement as mentioned in the Letterhead . My question is will the Signed Letterhead without a Revenue Stamp Acknowledgement that he received my instruments will stand as a Proof to get rid of these false NI cases against me? & how should I Proceed further? Please help me. Thank You!