Subject: Legal Guidance on Partial Loan Repayment, Cheque Presentation, and Insolvency Petition
Dear Advocate [Advocate’s Last Name],
I hope this letter finds you well. I am writing to seek your advice regarding a financial matter involving a loan I extended to [Debtor's Name]. I had loaned a total of ₹46,00,000 to [Debtor's Name], and during my recent meeting with him for repayment, he issued only four cheques, each for ₹5,00,000, totaling ₹20,00,000.
My specific question is: should I present all these cheques on the same day, or would it be better to present them with a gap of 5 to 7 days, or even a longer interval between the cheques? I am considering depositing the cheques with a 5-day gap between each cheque, as this would allow me to issue one legal notice covering all the cheques if any of them bounce. By doing so, I could also file one consolidated case in relation to the dishonored cheques. Please advise if this approach is legally sound.
Additionally, I have come to know from well-wishers that the debtor had filed an insolvency petition prior to issuing these cheques, and in the petition, he acknowledged that ₹46,00,000 is owed to me. However, the summons for the insolvency petition have not yet been served to me. Given this situation, I would appreciate your guidance on how to proceed.
To summarize my concerns:
How should I present the cheques: all at once or spaced out over a period (e.g., 5 to 7 days)?
Should I initiate legal proceedings under Section 138 of the Negotiable Instruments Act for the partial amount if any cheques bounce, or is there another legal recourse I should consider?
I would greatly appreciate your expert opinion on how best to protect my interests and ensure repayment of the entire loan amount.
Sincerely,
