Repayment of debt
Parthasarathi Loganathan
(Querist) 23 January 2016
This query is : Resolved
One of my client has helped his daughter's friend a sum of Rs.10.00 lakhs. The money was sought urgently for medical treatment and the same was remitted through banking channels. Of which Rs.3.00 lakhs in cash. There was no document executed to support this debt transaction. Since he failed to repay,my client was verbally pressing hard maintaining best relations to repay. Now he has come forward to give a cheque for Rs.10.00 lakhs. On verification from the debtor's bank he does not have sufficient balance to honour the cheque. I suggested as under: (a) Accept the cheque (b) Get a Demand Promissory Note signed (c) A letter confirming the transaction and acknowledgement for debt. I was experts to extend further advise to secure this debt. The borrower is willing to co-operate and is working as an Engineer in the State Government. Please suggest other options for recovery of dues.
Kumar Doab
(Expert) 23 January 2016
Obtain the said documents and bank the cheque.
Rajendra K Goyal
(Expert) 24 January 2016
Acknowledgement of debt with cheque / forwarding letter mentioning that cheque is towards payment of the debt may also be taken.
