Has a notice to be served to the defaulter in case promisory note is dishonoured?If yes, what section?
Sagar Sarin (Intern) 12 September 2012
Has a notice to be served to the defaulter in case promisory note is dishonoured?If yes, what section?
Adv. Meenakshi S (Advocate-Sra and Mhada matters) 12 September 2012
Yes Promissory note is a negotiable instrument by virtue of Section 13 of NI Act 1881 but there is no penal offence in a note.. You can definately recover the amount by filing a summary suit (O37,R1) and no statutory notice is required for the same but its advisable to send a notice first...
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