Hello,
My friend has taken a loan from me of Rs. 3 lakhs not at one time but over a period of time 2 yrs back and everything is in cash last year Jan 2010 he repayed me Rs, 1 lakh and for the rest of 2 lakhs he gave a post dated cheque and said that he will repay the rest in 3 months time. I waited but there was no response from his side and i deposited the cheque of Rs. 2 lakhs, it was returned to me stating that account closed so i went back to him again and got another cheque of a different bank with two more months of extension and he agreed to compensate me by paying 40,000/- extra and he issued me a cheque for Rs. 2,40,000/- (Two cheques one of Rs.2 ,00,000/- and another Rs. 40,000/-) which i deposited september and again it was returned stating insufficient funds and i followed up him and he asked me for one more month and again in october i didnt hearback from him so i presented the same two cheques bounced in september and it was returned back to me stating insufficient funds and i went to him he gave me a single blank cheque of Rs, 2,40,000/- just the amount in words and numbers and his signature and said december he will pay me. Nothing happened and I filled up the cheque my name and date (28/12/2010) and presented it and returned stating "Insufficient Funds". Now i am tired of it and i want to go ahead and issue a legal notice to him. My queries are:
1. I have no proof of issuing the loan to him except for the bounced cheques. (I have xerox copies of all the previous bounced cheques and original of the latest). Can I still go ahead and issue him the notice, what are my chances of winning ??
2. Accepting Rs. 40,000/- for making up the delay will it be any negative if the case is heard in the court.
3. In how many days should i issue him a notice after the cheque has bounced ?
4. What is the approx duration that this case will be heard in the court and for final judgement ?
Thanks for your time.
Regards
N Prabakar
