Legal Question in Credit and Debt Law in India

my name is krishna,

i took hand loan of rs 5lacs from a person. gave him promissory note and a cheque. everymonth along with interest i cleared my debt. now he is telling that was only interest and i need to pay the principle amount rs 5 lacs,if not he said he will proceed legally. even after paying the amount he is denying. what should i do.


Asked on 2/18/17, 2:35 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.02.2017

Dear Krishna,

You should give the loaner a statement indicating details of each and every cleared and encashed cheque(s) with cheque amount and total amount repaid to the loaner and you should ask the person whose loan amount you have already repaid and settled to return back your Promissory Note within 7 (days) failing which you should ask the loaner to give you in writing the amount he still claims from you, and you should straightaway lodge a local Police complaint against the loaner providing all the facts to the Police in writing.. Let the Police intervene and resolve the matter.

Regards,

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Answered on 2/18/17, 11:53 am


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