Legal Question in Credit and Debt Law in India
Security for the money given
A person borrowed 2 lakhs from me 6 months ago (which i got it by borrowing from some other person)promising that he will return it by couple of months. but he didnt give back the money as he said and he keep on avoiding me.i am getting lots of pressure from the person from whom i got the money.at last i got his address and went there.but i couldnt see him there.but i met his friend and he told me that because of loss in businss he is not able to settle me.now his friend is telling that he will take responsibility for my money and also requested me not to disturb his friend reg this.
he is telling that it will take atleast 6 months to settle the money.he agrees to give blank cheque or sign a bond.My friends are suggesting me to get blank cheques since it is more powerful.But i heard that if the person has given stop payment request to the bank,then the cheque wont bounce and i wont be able to launch any compliant.Is it so? If so,then can i deposit the cheque immeditely after getting the cheque from him in order to make it bounce.So that i can launch complaint if he didnt settle me after 6 months.is there any time limit to file case if cheque bounced? Pls suggest me whether to get a balnk cheque or bond?
1 Answer from Attorneys
Re: Security for the money given
You should obtain cheques duly filled in by him; there is sufficient time limit for you; the time limit for filing a case will start after cheque is bounced; then you will need to give a notice of demand based upon the bouncing of cheque.
alongwith the cheques, you should also obtain a writing that the cheques are being given to you in consideration for the loan you had given to ..... (name of your friend); and that the cheques shall be honored to meet that obligation/liability.
cheque bouncing will also entitle you to file a recovery case (civil case); thus you will have two remedies - Criminal case under Negotiable Instruments Act; and Civil case for recovery.
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