One of my wifes relative had pledged our house as a collateral one for a loan , his CBSE school was the primary party in that and we where secondary. As he failed to repay the amount our house was attached and we were forced to pay 35 lakhs as the primary party was not ready to pay the amount. He had asked to repay it for time being as he going to sell his school and repay it within 3 months. He had given cheque and signed an agreement on a stamp paper . This school poperty is around 2.5 acres and its registered on his name as well but he had give the property to a society on which he and his wife is the member other members they had amended in last 4 years. This school is given as lease to CBSE for 30 years. After 3 months he had failed to repay his first installement and he had treatened me that if i go for case i will not get any thing as his property is on lease. Could you please tell what is the way to recover the money. Currently one of his cheque is bounced and kept with me.
Regards
Anup.Nair