This student borrowed 3 lakhs from his friends who have political connections to pay education expenses. He signed on a estamp bond paper of Rs 200 which mentioned all details and conditions of this transaction. The borrower repayed to the lenders a sum of Rs 6,00,000 in cheques and a further nearly 80Gms of gold. The lenders are asking for more money as they claim that the already paid money is covering the interest and the capital/part of it remains unpaid.
What liabilities, within the ambit of law, does this student face if the lenders opt to claim the money through the law? Please answer, your advice will be thanked deeply,.
