Legal Question in Credit and Debt Law in India
I borrowed 4 Lack Rs. and in turn I issued a cheque of 2L rs without mentioning the date and an affidavit with my signatures on revenue stamps stating that I am borrowing 2L Rs. on 2% monthly intrest rate.
Today I am not in a position to pay this amount. What could be the legal implications and punishment?
3 Answers from Attorneys
You have to return the amount alongwith interest but there is one way to save some amount.
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Regards
(a) Recovery proceedings;
(b) Money Decree by Civil Court;
(c) Attachment / sale of your assets - movable and immovable.
(d) Civil Imprisonment - jail, in execution of decree.
Your cheque for Rs 2 lakhs honoured? If yes, then you may have to pay the balance money without fail as otherwise, cheque dishonour and cheating cases could be filed against you.
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