Promissory note is a valid document against the borrower. Put the date on the cheques and file a case under tge negotiable instruments act ie cheque bounce case.
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Gave money to someone in cash for help, how to get back.
I gave a someone 10 lacs in cash for help. There were no witnesses when this transaction happened. In return he gave me 2 undated 5 lac cheques along with a Promissory note. There is no personal relationship with borrower. This Promissory note is on normal paper and computer printed(not handwritten). This Promissory note has my borrower's signature on it.(only signature without stamp). Now if we refuses to pay amount back, 1. Is this Promissory note stays valid on legal ground ? 2. Do I have enough legal proof to get my money back. 3. Does Promissory note proves that I actually gave him money if I have to prove ? 4. can I deposit cheques in bank and take legal action if it bounces ? Please help
Asked 3 years ago in Criminal Law
Religion: Hindu
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10 Answers
You have paid money in cash .there is no receipt signed by borrower
2) promissory note needs to be stamped to be valid
3) obtain in writing from borrower that Rs 10 lakhs has been received by him
4) cheques will help you to make out a case
1. The Promissory note can prove the obligation that the borrower owes Rs. 10 Lakh to you and as security the borrower has issued 2 Nos. Cheque, each valued for Rs. 5 Lakh.
2. The Promissory note alongwith Two Cheques will be enough proof to get your money back.
3. The Promissory note proves that you paid him money. But, however, the cash payment has a higher ceiling of Rs. Two Lakhs.
4. Before bouncing the cheque, contact the borrower and persuade him to return your money. In case if the borrower does not return your money, then deposit the two cheques in Bank and take legal action against the borrower if it bounces U/s. 138.
1. If the signature of the person executing the promissory note is admitted then the same is legally valid and enforceable in law.
2. The promissory note is a substantial proof.
3. Yes.
4. Yes.
The promissory note, if executed properly and stamped (with Indian Revenue stamp of correct value), is a good and admissible evidence to prove the financial liability in a court of law. You may present the cheques, if they are not stale, and proceed to file a summary suit under Sec-138 of the NI Act, in case of dishonour.
Thanks for all the suggestions. 1. As I know that my Promissory note seems invalid document(without Indian Revenue stamp of correct value), how do I prove that I have given the other person 10L money in cash as there were no witnesses around assuming borrower doesn't give cash receipt ? 2. is there anyway for him to escape the liability by filing case against us and stopping the cheuqe payment saying "cheques were signed under pressure and also a document in which it is mentioned that he had given these cheques is signed under pressure"
Asked 3 years ago
You need documentary evidence to make out a case
it should be proved that there is debt due and payable
as far as cash is concerned insist on receipt or acknowledgment of liability from borrower
1. If the signature in the promissory note of the person borrowed the money is admitted by the borrower then there is no need to prove the same again whether the revenue stamp is affixed or not in it.
2. Let him indulge into any such mischief, you can challenge the same as per law and merits in your side.
Dear Client,
The Promissory note can prove the payment made by you to the borrower.
Thank You
1 to 5 yes you can do so.
1. Still you can prove the execution the stamp duty can be later paid even with penalty
2. No. Technical loopholes can be covered later
1. It will be difficult for you to prove your claim in the absence of any witness or cash receipt.
2. If he alleges so, the burden of proof shall rest on him squarely.