I bought a property from a company. After three months they have taken it back by giving me a cheque and an undertaking which stated that if this property would not be returned within time (Date mentioned), I can draw the money by presenting my cheque. Date was over and I presented the cheque but it bounced with remarks that the fund is not sufficient. Now I have sale recept of my purchase, Undertaking & Cheque. If i file a suit as per N. I. Act,

1. how many time it may take to recover the cheque amount?

2, Shall I entitled to get incentive/interest of this money if i claim?

3. Can I file a suit as per section 406 & 420? Are these related with my above story?

4. After sending legal notice as per N. I Act, when I can file suit? Is it after 30 days of sending notice or within 30 days?

Would be pleased if any one suggest.... Many Thanks in advance.