Promissory note
Jogendra
(Querist) 27 June 2013
This query is : Resolved
Hello,
I have given Some money to my friend as he required for his business. He Said me in good faith that he will return me back by 1 year. He failed to give me. While giving money I took a promissory note from him.
I am staying in Karnataka and the promissory note was brought from a stationory shop and I pasted 1 revenue ticket on it and got it signed by my friend.
Now Since, He is not giving back my Money I had filed a civil suit against him.
Can you Please let me know:-
1) How much strong evidence the promissory note can be.
2)Can on Basis of promissory note I demmand my money and the court can issue a order in favour of me
It has been around 18 months now no decision as come Do you think my lawyer is not going on the right direction or the case is taking the right time.
The Court has directed me to family court for settlement.
ajay sethi
(Expert) 27 June 2013
have you filed summary suit for recovery of money ?dont understand why you have to go to family court
Rajendra K Goyal
(Expert) 27 June 2013
Unable to understand why you have been asked to go to family court?
Promissory note is a negotiable instrument defined under NI Act. It is a strong evidence of liability since years. After amendment in section 138 of the NI Act its use is in diminishing trend.
Court can decree the suit, if the validity of pronote and other evidences are OK.
In civil suit time is taken in decision of the case.
Jogendra
(Querist) 27 June 2013
I have filed a summary suit for recovery of money. They are sending us to the family court for Settlement.
I am not sure-when we are sure there can be no settlement. Is that a procedure for Court to go for the settlement part.
Please help me.
Mr Rajendra,
You quoted 'After amendment in section 138 of the NI Act its use is in diminishing trend'
What should be use now place of promissory note.
Thanks
Jogendra
Adv Archana Deshmukh
(Expert) 27 June 2013
It may be so that the mediation centre of the civil court is situated in the premises of the family court, otherwise family court have got nothing to do with these cases. See if the matter can be compromised out of court during mediation.
Rajendra K Goyal
(Expert) 27 June 2013
Promissory Notes are mostly used in financial institutions (Banks etc.). Private lenders prefer to take take cheques of future due date and on dishonor of the cheque file suit U/S 138 NI Act.
Raj Kumar Makkad
(Expert) 29 June 2013
No more to add as your query stands duly replied.
Jogendra
(Querist) 01 July 2013
Thanks a lot to all of you.
