Legal Question in Business Law in India
Undated Cheque to a shop
Dear Sir,
I have taken money from a person to run my business for interest (But their is no receipt for the interests paid to him), sir some how my business got in loss and was unable to repay the actual amount taken from him. I had requested him to provide me some time to repay the actual amount and provided the concerned person 3 cheques undated. Now he is threatening me that he will move to court if i do not repay the amount soon.In this scenario, what is the remedy for me as per Law. I am ready to repay him back the amount But i still need some more time for the repayment Pls help me..!
2 Answers from Attorneys
Re: Undated Cheque to a shop
your local lawyer can help you better as we are far away.
Re: Undated Cheque to a shop
There is no escape from your liability. You should better start paying and enter into an agreement with your lender.
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