Legal Question in Credit and Debt Law in India

Loan Repayment

Sir,

I had borrowed from my uncle, then an Excise Commissioner, Rs.300,000/-. Rs 90,000/- by Cheque & Rs. 210,000/- by cash, in 1999 @ 2% per month, giving six promisory notes with Rs.3 Revenue stamps.I had also given cheques for Rs 90K,50K-3 & 60K.

I repaid the 210,000/- cash & 30,000/- in cheque in Nov 2001. I had been paying interest every month in cash & cheque respectively. As a close relative, I left the Promisory notes & cheques with him after paying also. We had very good relation.

Now suddenly he wanted the 60,000/- back in March 02. But since I am not able to pay right now, heated arguments took place. He is now threatening to take legal action if I dont pay in a week including the paid cash.

please advice me what action he can take & what can I do best.

please oblige

Thank you


Asked on 5/09/02, 9:41 am

1 Answer from Attorneys
Satish Maheshwari Vakilbabu

Re: Loan Repayment

Dear Friend,

I am sorry, but as a matter of practise, we do not reply to queries from the persons, who do not give their complete details, nor to the persons not directly affected by the problem under the query. We also do not give any citations to the seekers.

Therefore we request you to send your query only through the query form at the Free legal advice pages of the vakilbabu website at http://www.vakilbabu.com quoting the reference LawGuru.com.

We believe you shall understand.

Warm regards

Satish Maheshwari.

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Answered on 5/09/02, 3:21 pm


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