Dear Experts
I had loaned a person known to thru cheque 3 years back and received monthly interest for 11 months in my Bank account and have paid income tax for the same.
But for the past 2 years the debtor stopped paying interest and have been requesting time. Also I have promissory note from them and also a cheque for the amount I loaned. As the promissory note is expiring (Limitation: 3 years), I told them to keep the money in the bank and that I'm going to deposit the cheque.
That cheque bounced and I sent a demand notice.
For this, their advocate replied that I did not give any money to them.
I'm planning to file a case under Sec 138 NI Act.
Qn: What are the issues that I will face in case they don't accept and how should I prove? How long will the case run?
Thanking you!!
