• An amount borrowed but not repayed

One of my customer has borrowed 2.0 lacs  14 months before by keeping his vehicle and cheques/demand note with me .Now for repayment he is telling so many stories and problems.
kindly guide me
Asked 4 years ago in Business Law from TUMKUR, Karnataka

Thank you for posting your query.

It is not clear from your post as to whether an agreement was signed between the parties.

To recover your money, you can either file a suit for recovery, but for that you will need certain documentation.

Other option available with you is to lodge the cheques with the bank. In case the cheques get dis-honoured, then you may proceed with a criminal complaint under section 138 of the Negotiable Instruments Act. Filing a case under the NI Act ensures fast recovery of money, however, it is necessary to do a strict compliance of the requirements of section 138, NI Act.

Nishant Bora
Advocate, Jodhpur
111 Answers
33 Consultations

4.9 on 5.0

Your query is silent as to whether an agreement was executed between you and the borrower prior to the money being lent to him.

If such an agreement exists then file a case for money recovery in the court. If no such document exists then deposit the cheques in the bank. Once the cheques are dishonoured you may prosecute him for the offence of cheque bounce which carries an imprisonment of up to 2 years. A prosecution for cheque bounce needs to be preceded by an absolute compliance of all the legal framework governing it.
Ashish Davessar
Advocate, Jaipur
23180 Answers
641 Consultations

5.0 on 5.0

You may file a money suit to save your claim from getting time barred; simultaneously, you may also file a criminal case u/s138 of NI Act.
Prabhat Shroff
Advocate, Kolkata
141 Answers
39 Consultations

4.7 on 5.0

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