Cheating Money
2 months ago
My brother son bought 5 lakhs from me to go abroad in 2017. Money not returned after going abroad.After covid he come to India, In August 2022,got him to signature the promissory note.He was paying me 10,000 rupees per month and now now he has to pay me Rs 2,63,000. No payment has been made since 2024. When i asked why the money did not come, i can't give you money, try your best. you go to the police station file the complaint against me he told me. He is now in Singapore. What do I do now..?? (i have voice call recording, Promissory Note,The bank statement for the money he sent the month)
A.Dear Client,
A promissory note serves as a legally binding commitment to repay a debt, with laws governing its terms varying by state. Typically, it includes loan details and signatures from both parties. Once signed by the borrower, it transforms into a binding contract, allowing lenders to seek repayment through legal avenues like the Negotiable Instrument Act, 1938. Promissory notes usually hold validity for three years from the execution date, in this case, until July 2025. Notably, Section 147 of the Negotiable Instruments Act deems offenses under the Act as compoundable, meaning parties can mutually resolve the matter. To navigate the process of filing a suit under the N I Act for debt recovery, particularly after issuing a legal notice, seeking guidance from a legal professional is advisable.
Thankyou
A promissory note serves as a legally binding commitment to repay a debt, with laws governing its terms varying by state. Typically, it includes loan details and signatures from both parties. Once signed by the borrower, it transforms into a binding contract, allowing lenders to seek repayment through legal avenues like the Negotiable Instrument Act, 1938. Promissory notes usually hold validity for three years from the execution date, in this case, until July 2025. Notably, Section 147 of the Negotiable Instruments Act deems offenses under the Act as compoundable, meaning parties can mutually resolve the matter. To navigate the process of filing a suit under the N I Act for debt recovery, particularly after issuing a legal notice, seeking guidance from a legal professional is advisable.
Thankyou
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A.Dear Client,
A promissory note is a legally binding promise to repay a debt. Promissory note laws vary by state, but they typically include the loan amount, loan terms and signatures from both the lending and borrowing party. When this document is signed by the borrower, it becomes a legally binding contract and the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938. All Promissory Notes are valid only for a period of 3 years starting from the date of execution. Being the execution of the Promissory note in August 2022, it is still not barred by limitation and remains in force up to July, 2025. Section 147 of the Negotiable Instruments Act makes every offense punishable under the Act as compoundable and there is no bar on parties to compound the offense. Reach out to an Advocate for guidance and steps for filing a suit under the N I Act for recovery of dues/debt post legal notice to your brother's son.
A promissory note is a legally binding promise to repay a debt. Promissory note laws vary by state, but they typically include the loan amount, loan terms and signatures from both the lending and borrowing party. When this document is signed by the borrower, it becomes a legally binding contract and the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938. All Promissory Notes are valid only for a period of 3 years starting from the date of execution. Being the execution of the Promissory note in August 2022, it is still not barred by limitation and remains in force up to July, 2025. Section 147 of the Negotiable Instruments Act makes every offense punishable under the Act as compoundable and there is no bar on parties to compound the offense. Reach out to an Advocate for guidance and steps for filing a suit under the N I Act for recovery of dues/debt post legal notice to your brother's son.
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A.Dear sir
You may file money recovery suit on the basis of promissory note giving local address and there after get paper publication and see that suit is decreed ex-parte.
You may file money recovery suit on the basis of promissory note giving local address and there after get paper publication and see that suit is decreed ex-parte.
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