Legal Question in Credit and Debt Law in India

I gave a loan of Rs.2 lakhs with interest, payable after 1 year and got a collateral chq. no date and promissory note dated 03/01/2013......the 3 year validity period expires on 03/01/2016.....what legal work is to be done as the borrower seems broke ??


Asked on 10/05/15, 8:31 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

06.10.2015

Dear Sir / Madam,

It depends on your need to get your money back more than the borrower's need for the money. If you are receiving the interest, then your doubt about the borrower having gone broke is invalid.

Regards,

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Answered on 10/05/15, 9:41 pm


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