M K Sudarsan (Private) 25 July 2012

What are my options

Hi,

I lent a sum of Rs 6.15 lakhs to my building contractor, who was doing my house project, towards his personal use. Towards repayment of the same, he issued 5 cheques of value Rs 1 lakh and one for Rs 1.15 lakh.

We had a wriiten contract for this and when the cheques were paid, I handed over the documents to him. We did write a new document (not professional) about the settlement of the debt via these cheques. This was a letter signed on a revenue stamp.

The house project is done, but he has not shared details of the final accounts yet.

In the meantime, the cheque he issued bounced. What are my options. I would like to settle amicably, so that my liability on the house project is settled against this loan amount and at the sametime, I am protected from fictious accounting.

Thanks,

Sudarsan, M K

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2 Replies

SANJAY KUMAR (Lawyer) 26 July 2012

First ask for the payment of the money inquestion by giving a notice in writing to the drawer of the cheque when 30 days of the receipt of information from the bank regarding return of cheques as unpaid. If dues money is not realised within 15 days of the of the receipt of the said notice, lodge a complaint with the court under Section 138 of the Negotiable Instrument Act,2002.

In such matters personal discretion matters nothing one has to be guded by the spirit or tenets of the Law.