My brother lend money Rs.60 lakhs with interest 18%per annum to his friend( Mr.xyz),
My brother got Promissory note with post date cheque Rs.60lakh.
Mr.Xyz paid 2years interest regulary. After that due for several months. So my brother sent notice to him, and deposit the cheque that also dishonor.
Now Mr.xyz applied Insolvency from court.
(Actually Mr.Xyz lend money upto Rs.2crore from many persons and cheating, now abscond and applied insolvency)
How to deal this matter?
Please give me a advice.