A Person sold a flat to a buyer where the buyer has given a post dated cheque and got the sale deed executed and registered immediately.Later when the cheque was presented it bounced due to insufficient funds when the seller contacted the buyer for the bounced heque he is not paying the amount.The property is in the possession of the sellers tenant.Please suggest remedies available immediately.
Vendor may initiate proceeding U/s.138 of the N.I. Act for prosecuting the Vendee. He may also file summary suit for recovery of the unpaid consideration amount. However, if the terms of the Sale Deed provide for cancellation of sale in case of dishonor of the cheque, then the Vendor may also seek relief for cancellation of the Sale Deed and for possession through Civil Court.