Legal Question in Credit and Debt Law in India

Bail options incase of imprisonment due to nonpayment of loan

Is there any bail options for imprisonment due to defaulting loan repayment and dishonour of payment cheque?

Brief: A friend of mine is sentenced 4 months. Loan taken from his friend Rs150000 against his cheque, dishonored subsequently. total Interest paid over 10 years Rs 215000. Interest payment has no formal record. however, is recorded in personal diary without receipent's signature.

Borrower, in his present situation, is incapable of repaying the principal amount.

Does he need to complete the imprisonment period or can he be released on bail?

Please advice help


Asked on 2/24/09, 5:08 am

2 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Bail options incase of imprisonment due to nonpayment of loan

Hello.

Good Evening.

In this case I would require to examine your details to formulate some advice for you.

As far the interest dispute is concerned you need to file the same facts in your petition in the Hon'ble Court.

In case of need please contact personally alongwith the details.

Professional charges are applicable.

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Answered on 2/24/09, 6:41 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Bail options incase of imprisonment due to nonpayment of loan

After conviction, the bail may be considered by the appellate court, if he has filed an appeal.

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Answered on 2/24/09, 9:24 am


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