Hello,
My uncle has taken loan from a private society 10 yrs back for one lakh @ 9% interest
He paid around 60 thousand but couldn't pay then.....after few years the case is gone to court.
He gave some blank cheques 10 years back for security.
Now the society says that they will deposit the cheques. and for 1 lakh with interest they are for 10 lkh
The questions:
1. Can they ask for 10lkh for 1 lkh principle?
2. Can they deposit 10 years old cheques?
3. What could be the solution?
Happy if someone can help.
Thanks.