Hi -
I and my uncle (distant relative) had few bank transactions in few lakhs for he giving me soft loan and I re-payed most of it. Due to some differences Now he is asking in cash to re-pay the final installment. There is no prior agreement b/w him and me.
Now if I do that will I need a No Due Certificate from him ? Is it required on a plain paper or a bond paper ?
If I do not take No Due Certificate - Can he file a civil suite for recovery of the money ?
--Tiru.
