I Sunil Kumar Yadav Age 35 Yrs, I had helped my friend for his buiseness for amount of Rs. Five Lakh in cash in small small amounts, he had given me a Cheque of Rs five lakh and done a agreement for time period 03 month, after completion of 03 month he said that he want some more time, i deposited cheque three times and it was bounced due to insufficient balance. i approached to my advocate and said the whole story he gave idea to send notice and i agreed. my friend receive notice in Jan 14 and he came to me to ask some more time i.e 02 month in end of Feb 14, same thing i told to my advocate he told me ok lets wait, I m doing job in ship, unfortunately in Mid march 14 i joined my ship and came after 02 month i.e in current month, i approached to advocate he is telling now i have to take new cheque for the said amount from my friend and in other hand my friend is refusing to give new cheque and my amount what should i do as i am middle class family i already done heavy mistake by helping friend, Please suggest me what laws say and what should i do, my email id is email@example.com
Asked in Business Law from Vasco, Goa
1) file summary suit for recovery of Rs 5 lakhs advanced as friendly loan
2) you can rely upon agreement entered into with your friend and cheque issued by your friend inorder to make out a case for recovery of said amount .
3) you can also file criminal complaint for cheating under section 420 of IPC against your friend
1. Your time limit for filing case under N.I. Act is over,
2. You should have collected fresh cheque at that time only,
3. Now the only remedy left before you is to file a Recovery Suit.
1. Sorry, your lawyer has wasted precious time for cheque bouncing case. I wonder why.
2. Now civil suit for recovery of money is only option left.
3. To put more pressure, you can file criminal case of cheating as well.
4, Now engage another advocate to avoid further wastage of time.