Cheque bounce Propritorship to Pvt.ltd.
I have a concern
I had given loan to a relative in the name of his proprietorship firm wherein he had been making interest payouts with TDS till 2006 , after that he had given few checks for partial principal repayment in 2009.(no TDS/document from 2006 to 2009).
In 2012 (month of March) he has given me a statement of accounts/promissory note (details of balance amount and rate of interest).
In 2015 he has given me a HUF (wherein he is the Karta) cheque for full and final, however this cheque bounces.
I have raised a case under section 138.
The proceedings are yet to start but I come to know that
in April 2011 he has converted his proprietorship to a pvt. ltd. co. and taken over the liabilities of the proprietorship firm.
now my concern is
1) the promissory note issued was in 2012(wherein he mentions about the proprietorship firm) whereas I have come to know that the proprietorship was converted to Pvt. ltd co.(with new name) in 2011.
So does that promissory note holds any legal value.
2) Since in 2011 also was liability is existent with the proprietorship firm , so while transferring it to a Pvt. ltd co. should he (proprietor) should have taken my consent.
Since no consent was taken so does that amount to fraud.
Any legal way to put forward this.
3) Since the same person is the director of the new pvt. ltd. co. , which has executed a memorandum of association to take over the liabilities if the old proprietorship firm how can I put hold on the transfer of shares of this pvt. ltd. co.
4)Any advice to make it a win win.