How to get my money back from the person
Querist :
Anonymous
(Querist) 04 February 2020
This query is : Resolved
Hi Sir(s),
Need some advise/help on my below issue/concern:
I have given a cheque of 5 Lakhs INR to a person (who owns/runs a Primary Education school) in the presence of my house tenant.
Let me abbreviate "School Business Owner" as SBO and "My House Tenant" as MHT
MHT was staying in my house for nearly 3 years and I had good association with him.
MHT's children studies in the school runs by SBO and hence MHT approached me for money-help as SBO was in crisis/losses. And in this connection, MHT has introduced me to SBO in his school. On the request of SBO and MHT, without second thought, I had owe money of 5 Lakhs INR to SBO in the month of May 2019. SBO credited the money to his Account using my given cheque on the same day. During the discussion on that day, SBO told me that he needs 6 months time duration for repaying the money.
Knowing that he was in trouble situation, I told both SBO & MHT that I was offering help without any interest rate of money. But condition is "if you (SBO) couldn't repay the amount after 6 months period (as committed) then 2 rupees interest will be applied". But unfortunately due to hurry on that day, we had not have any documented agreement between us for this.
Now Its been more than 9 months and whenever I along with MHT went and talk to SBO, he says he still need time. After 6 months ( i.e.,since Sep'2019) , every month we (MHT and myself) meet SBO, he gives us a date saying he will repay in small amounts but failed to do so. He is neither paying interest nor small amounts nor sticking to committed dates.
Two months back (during Dec'2019), when I quarreled with SBO on this concern, he had credited 1 lakh into my account and also provided me a empty stamp duty paper (which was took on his name) and told me to document whatever I wanted and given me his 6 signed cheques with it. But after December there is no money from him and I lost trust in him as he is not sticking to his committed dates and keeping me in waiting stage from last 10 months.
Now my humble urge or question to you here is :
1) What should i do instead of waiting indefinitely for getting my money back? as SBO has been continuously missing his said or committed dates which is making me more annoyed.
2) How (in the presence of what kind of people) and what should I write in the stamp duty paper which will make him legally bound for giving my money back.
-Please help me with your directions here. I will follow.
kavksatyanarayana 
(Expert) 04 February 2020
You shall obtain a Promissory Note signed by SBO for the money given to him on revenue stamp with time-bound. after obtaining the Promissory Note, wait till the end of promissory note period, consult a local lawyer to file a case against SBO.
Raj Kumar Makkad
(Expert) 04 February 2020
Signed stamp paper can be used for the acknowledgment of the due money and accordingly cheques should be got used by you. You deposit the cheque by filing due amount in your bank and if the cheque gets dishonored, issue notice under section 138 NI Act and accordingly follow subsequent procedure.
Dr J C Vashista
(Expert) 06 February 2020
Proceed u/s 138 NI Act, 1881 through a local lawyer after getting the cheque dishonoured.
Querist :
Anonymous
(Querist) 06 February 2020
My Sincere thanks to the experts for your helpful responses. @Sudhir Kumar sir. to reply to your question : "No Sir. I haven't tried depositing his cheque(s) yet". Do you suggest me to first check that?
Raj Kumar Makkad
(Expert) 07 February 2020
Get the cheque deposited as already suggested to you and if bounced, follow further guidelines as per provision of Section 138 of NI Act.
