Loan repayments ...

karthik (Querist) 21 January 2012 This query is : Resolved
Dear All,
My Friend borrowed an amount of 20,000/- from a person on 2-Jan 2011..For some urgency and agreed to pay 15%monthly interest as he thought of repaying it in a month or so but things turned out and he was unable to pay principal amount and was paying interest since last 9 months ...Totally he paid 27,000/- interest is due for 3 months now he forcing for money and this person is unable to repay and asking time and the person is threatening that he would deposit that blank cheque issued for the repayment....

Now he not able to pay back requesting to settle as he paid 27000/- already and i would pay 3000/- more and settle it for full and final settlement....How can he proceed upon the same issue ... Should he go for any notice or What please explain ??

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V R SHROFF (Expert) 21 January 2012
***this is reply of earlier query by Shri Prabhakarji to this Questioner. *** ***

*****"Since there is a WILL",says the answer by Mr. Ramachandran,

then comes the author karthik to say"That was a Fake will "

you could have disclosed it in your very first post.

i implore my respectable Expert community
to discourage this type of activities by authors,who are playing smart over us,though detrimental to their own interest,it is true due to free service we are not liable for any thing,but on moral front we are.

Of late in last month i saw a lawyer blaming advise given by one of our expert
when i saw his head in soup and asked ,what restrained him asking before action ,he told he was advised by one of the expert ranking then third in hall of fame.
i am new here and do not know who he was ? what the question was? and what was the really advise?

Before me he put the problem that his document was impounded by court ,then deficiency was judged 1 lack but he acting on advise of one of us sent it through application and by order of the court to assessment of stamp commissioner ,who togather with penalty adjudged many more lacks [15perhaps],and then he came back here to seek advise how to get back to courts earlier order,i answered in negative as not possible now as it is a matter of duty,no court will expose it self nor does its jurisdiction to assess remains now,he started weeping ,which i could realize from his comments.

WE must be aware of these situations as experts and i also wish to WARN AS CAUTION
TO AUTHORS THAT PLAYING SMART OVER EXPERTS
MAY PROVE COSTLY TO THEM.

EVERY BODY INCLUDING THESE AUTHORS ARE REMINDED TO A WORTHY SAYING WHICH GOES "NEVER CONCEAL YOUR CONCEPTION WITH A GYNO
WHEN YOU VISIT HER***this is reply of earlier query by Shri Prabhakarji to this Questioner. ***

Ask Genuine Problems,

V R SHROFF (Expert) 21 January 2012
Sum Borrowed Query by Karthik,

http://www.lawyersclubindia.com/experts/Sum-borrowed-265281.asp

I borrowed a sum of Rs 75,000/- from a friend and paid interest for almost 15 months due to some financial problems i am unable to clear the debt and also interest and requested time for the same ......for almost 6-8 months now he is forcing me for money and threating that he would lodge a police complaint i am student, can he lodge a police complaint or sue me in court for this i gave promissory note for the same and a blank cheque also .....
How can i make him wait for next 2 months it takes time for me to get money

I am tensed as i am student may be this case and all may ruin my career

Please suuggest me some idea

Karthik,
Being a student, you should not borrow money to this tune of Rs. 75000/-

i believe you must have not informed your parents also.

Now go to advocate issue him a notice not to deposit the cheque you issues as security, and that you had already paid you the entire sum by cash, and return the cheque.
also lodge Police Complaint that he is threatening and demanding heavy interest, and you have no any liability to him now, and he is not returning your cheque and pro note, even-though you paid him fully.
DO IT NOW, AND FORGET WORRY-NO TENSION, ONLY STUDY.
DO NOT TAKE LOAN NEXT TIME.
ALSO INFORM YOUR PARENTS.

Your parents do not expect failure o

Mr.Shroff,

logically, you are correct. However i just wanted a confirmation from the author, to give my opinion.
Dear Sir

I am not clear on this issue but I think a criminal case under section 138 can be filed against even minor however no civil liablity is there.

Again if an action is filed u/s 138 NI act it should be for an "emforceable debt" and here 138 action defetes.

Please advise me more

Mr Agarwal & Shri Prabhakarji,

I pointed out earlier That "I believe bank do not issue cheque book to Minor."
If answer in affirmation, Question does not arise,
Any case filed on minor u/s 138NI?

Adv Shroff
03-01-2012

Dear sir V R SHROFF!
Kindly permit me to state that minor +12 age are allowed to open the Bank a/c with operation of a cheque book.
The doubt cast in mind of dear Mr.J K Agrawal shall stand out by following provision of N.I.Act.......

"26. Capacity to make, etc. , promissory notes, etc.-

Every person capable of contracting, according to the law to which he is subject, may bind himself and be bound by the making, drawing, acceptance, endorsement, delivery and negotiation of a promissory note, bill of exchange or cheque.

Minor.- A minor may draw, indorse, deliver and negotiate such instruments to as to bind all parties except himself.

Nothing herein contained shall be deemed to empower a corporation to make, indorse or accept such instruments except in cases in which, under the law for the time being in force, they are so empowered." == Prabhakarji.

Sir,

MY QUESTION IS , WHETHER ANY MINOR WAS PUNISHED u/s 138 N.I.ACT??

Whether in Indian Courts , ANY Minor is ACCUSED of Sec 138 N.I.Act?

I believe the answer is NO.

If so the Q do not arise, in this particular case to consider his minority.

Dear sir!
No minor can be punished u/s 138 NI Act. Your believe is exactly and doubtlessly correct and is in accordance with law laid down in section 26 of the NI Act....'A minor may draw, indorse, deliver and negotiate such instruments to as to bind all parties except himself.'

Sum Borrowed Query by Karthik,

http://www.lawyersclubindia.com/experts/Sum-borrowed-265281.asp

M/s. Y-not legal services (Expert) 21 January 2012
nice shroff sir..

-tom-

V R SHROFF (Expert) 21 January 2012
This student, Karthik, in habit of receiving money from Money Lenders, or associated with them??

How many experts reply , wasting their time for vague query?? repeatedly??

karthik (Querist) 21 January 2012
Sir
People are getting Greedy and charging high interest and persons like we who has got lakhs valuable of property inherited and being taken away by bloody relatives by threatening us and lost father(head of the family) while some Debt made during his treatment purpose was completely taken as an oppurtunity to charge high interest and same fellow threatening again as he can take more money as we are have property !!(House) ....Greed is running in society and killing everyones like me !!!

If u people feel like wasting time on replying my query Really feel sorry and i would never post query Sir

And remember small line sir i asked Help and piece of advice in a humble way in a Open forum but never tried or disturbed anyone by many questions wat all i posted as queries here are related to my personal life and one more thing i am Grade-1 student doing CA and one more thing i am dedicated to family alot i am not a mischievous guy wat ever fund i borrowed it was being utilised for studies of my bro and me ...Not for enjoyment

Thanks N Sorryy..........

Advocate. Arunagiri (Expert) 21 January 2012
If you feel that you have a genuine grievance, you can send me all the xerox copies of the documents along with your student ID Card. I will give a advise without cost.

If have a genuine grievance, you will utilize this opportunity.

karthik (Querist) 21 January 2012
Thank U Very much ArunaGiri sir Sure when i get the need i would sure utilize it by sending u my ID Card and all other Xerox Copies

Can i mail u all these and small doubt all these documents are in local vernacular language telugu are you comfort with it or shall i send the translation copy of them in telugu ??

Advocate. Arunagiri (Expert) 21 January 2012
I need a translation in English, But i need telugu copy also.

V.Arunagiri,
Advocate & Vice Chairman – TN,
International Human Rights Association, (Affiliated to United Nations)
4/344A Sea Shell Avenue,
Anna Salai, Palavakkam, Chennai – 600 041.

V R SHROFF (Expert) 21 January 2012
If you have a genuine grievance, you will utilize this opportunity.I to will help free of cost, entirely to your satisfaction, together with Shri Arunagiri . I will bear your expenditure cost also. OK.
but do not borrow money at 15% interest from those blood sucker, you being educated, A STUDENT, borrowed 75k & involved in NI act few months ago, should be away from those, that what I advised you long back, ref earlier threads I joined here.
Adv Shroff
21-01-2012

Advocate. Arunagiri (Expert) 21 January 2012
I am happy to note that Mr.Shroff is also interested in social service.

Mr.Shroff, if you are interested please take active part in implementing RTE act in your area. If you are interested, I am ready to discuss with you through your email.