In one case two parties agreed on stamp paper...
1. First party take a loan of Rs. 5 lacs from second party for three months.
2. First party tender two things at the time of above agreement to second party, one post dated cheque for same amount and another a sale deed of his property as security.
3. This is further agreed between both parties that in case first party dont pay the amount than second party will opt to call first party to get register his property in the name of second party.
4. On due date cheque bounced, second party instead to call first party for execution of sale deed in his name, opted for cheque bounce proceedings..
Is this option of second party is legal...?