Legal Question in Credit and Debt Law in India

Sirs,

A government teached gave me a promisory note in 2012 June, for Rs/-50000 which she owed me on a land transaction. But she did not pay a single rupee till now and not willing also. am I have enough time to sue her? Is the note valid for 02 years or 03 years? Please clarify.

Krishna RAO


Asked on 5/04/14, 11:03 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

05.05.2014

Dear Krishna,

A Promissory Note contains a Promise by the Issuer to pay a certain sum of money on a certain date to the Beneficiary. The amount and the date of payment in a Promissory Note cannot be vague. It is very clear that the teacher has no intention whatsoever to pay you the monies, so Police intervention is advisable and recommended to immediately resolve the matter. Please re=post query should there be no Police action within 7 days of your lodging the Police complaint.

Regards,

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Answered on 5/04/14, 6:25 pm


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