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Hand loan amount Recovery
3 years ago
I have lended Rs 11,00,000 to Mr Suresh on February 01, 2021 by way of cash. We both signed on a hand loan agreement made on rs 200 stamp paper notarized in presence of two witness.
He has repayed back only one lakh and failed to pay balance within 45 days as per agreement.
Along with the hand loan agreement, I have collected 2 blank cheques signed by borrower as security.
Is it best to bounce cheque and file NI case or file summary suit using hand loan agreement.
Which is cost effective for me and takes less time for resolution.
A.You are in a real great trouble. Who told you to give Rs 11,00,000 to Mr Suresh on February 01, 2021 by way of cash, atleast you should have given through bank transfer. Your hand loan agreement will have to be reviewed. Though you are having 2 blank cheques signed by borrower as security, there are very less chances of getting the money back in next 2 years. You will have to appoint a very good lawyer to win this case for you. This is a costly process, but now u have no option. provide details of agreement then we maybe able help you.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Hi,
A cheque bounce case filed under Section 138 of the Negotiable Instruments Act can provide you with relief quickly and affordably. If you fail to get a favourable decree, you can then file a civil suit for money recovery.
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A cheque bounce case filed under Section 138 of the Negotiable Instruments Act can provide you with relief quickly and affordably. If you fail to get a favourable decree, you can then file a civil suit for money recovery.
If you found this helpful, please rate us.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
We would recommend filing a cheque bounce complaint under Section 138 of the Negotiable Instruments Act. This is generally a faster and more affordable remedy. If you fail to recover your investment through this, you can then file a summary suit for money recovery.
If you found this helpful, please rate us.
We would recommend filing a cheque bounce complaint under Section 138 of the Negotiable Instruments Act. This is generally a faster and more affordable remedy. If you fail to recover your investment through this, you can then file a summary suit for money recovery.
If you found this helpful, please rate us.
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