50000 INR lended to a person and money not yet returned
8 months ago
Hi,
I have lent 50,000 INR to a person in return he gave me 2 cheques along with signed stamp paper with his real signature where the need for money borrowed by him is mentioned and as proof that he will return the money within 1 month of borrowing itself. He kept postponing the payment and after chasing for 3-4 months which is kept on pleading today, tomorrow weeks, and months that he will return. , he just transferred 5000 INR and asked for more time to return the money, and in return I asked him for 3 cheques with his signature which he faked this time.
The first two cheques which I gave were declined because of insufficient funds ( I have kept the bank record ) and later 3 cheques I deposited 2 which got bounced because of a signature mismatch (and my account was debited 5 times for insufficient funds and signature mismatch by my bank) and he is not responding to calls anymore, I have kept 1 cheque with me still for further action. What are my available options to recover the funds?
Please help!
A lender can file a civil suit for recovering the money owed through promissory note or loan agreement. He can do so under Order 37 of CPC which allows the lender to file a summary suit. You can also lodge a complaint under the Negotiable Instrument (NI) Act as well. The Act can only be used to file a suit against parties who have not returned money lent through instruments such as cheques, exchange bills, etc.
You also have the option of choosing an out-of-court settlement through Lok Adalat, arbitration, or conciliation to recover the money owed. This is one of the least expensive and fastest ways to recover. Both parties must be willing to and present themselves at the hearing in order to reach an out-of-court settlement. The parties are typically heard by the arbitrators before the decision is made. Once the award has been announced, there is usually no room for appeal.
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