Legal Question in Criminal Law in India
A pledged her house title deeds to B and recd rs 10 lacs in June 2000.Receipt on aplain piece of paper showing disbursement on 4 dates An agreement on rs. 10 stamp paper was enteredwith due date 31 march 2001 Loan was to be repaid within 10 months and carried a2% interest payable to B every month. 2 signed and amount filled cheques were also given as security. As per agreement non payment at the end of 10 months would be by sale of property and money received dues to be 1st paid to B and if something left to A. Interst paid for 14 months but principal unpaid.1in April 2002 cheques presented but returned unpaid. Case u/s 420 filed. What is the legality of 420 ?
1 Answer from Attorneys
In your case, section 420 will be hard to maintain if you prove that blank cheques were given as security for re- payment and the loan is a secured loan with your asset as a cover.
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