Bills of exchange
ganesh sabastian
(Querist) 26 January 2016
This query is : Resolved
Sir,
I given rs. 400000 to my friend(office mate) on july,2013. s this july 2016 completing 3 years. no security received. when i ask my money he is just postponing . and he is saying he will not pay interest. thats i accepted. but principle amount also doubt for me. he may cheat me. when i asked him to sign for extension of the bill or give me a cheque.he is refusing.i am afraid that being a colleague its very bad to issue demand notice.i need extensioon of the bill and with security like cheque.what to do? suggest me please! i heard a provision named "PROTEST" which is for extension of the bill. i have only promisory note signed by him. Kindly give some suggestion on this case.
Rajendra K Goyal
(Expert) 27 January 2016
Send registered AD notice demanding your outstanding. He can pay / renew the loan / give you Post dated cheques or you should file summary suit for recovery.
Adv. Yogen Kakade
(Expert) 27 January 2016
Send him a legal notice to repay or extension.. no other option
Dr J C Vashista
(Expert) 31 January 2016
At certain point of time a person has to take certain bold/harsh steps and actions such as issuance of notice to your friend for refund of money or face litigation. Nothing wrong or immoral which may hurt your conciense.
Promissory note, Bill of exchange and cheque are altogather different instruments, be sure which one of them you are referring and holding.
Guest
(Expert) 31 January 2016
Mr. Sabastian,
I wonder, if you really have any such problem, as you have stated in your query. It seems to be purely an academic query.
By the way, being an auditor yourself, what do you know about a bill of exchange, as you are supposed to be fully aware of the types financial instruments?
Also, cannot you distinguish between a promisory note and a bill of exchange?
