Cash Agreement Article 12 Bond | Vkeel - Free Legal Advice

Roiasd

Bangalore

I had borrowed 3 lakhs from my relative for expenses for moving to Canada and they had done an agreement with me as per article 12 cash agreement and taken cheque of 3 lakhs signed by me saying the borrower should pay the amount by 1 year i.e before November 2nd, 2020 with the interest of 18%, currently. Because of covid and other financial issues, I'm unable to pay 3 lakhs but I'm trying to provide at least 18% interest ie 54,000 and rest as soon I can afford. I'm asking this as to what he can do in this case since he is already collected a cheque of 3 lakhs. Kindly guide.

Expert's Answers(3)

Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

It would be hazardous to suggest you linger on the matter on any grounds You may think to delay the payment under the prevailing set of circumstances. You must manage to repay the amount borrowed that is Rs. Thee Lakhs as per your promise. You may request for extension of time for payment of Interest. Because the cheque You have issued may put you in trouble. Make sure that the cheque amount is arranged and paid-off as promised to avoid any inconvenience. I hope I have made the things amply clear. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

October 11, 2020
Advocate Satej C More
Mumbai, Maharashtra

17 Client Ratings

Dear Client, The party can file a cheque bounce case under section 138 of Negotiable Instrument Act. Advice to speak to the party and take a sufficient time

October 11, 2020
Advocate Abhimanyu Gurawalia
Patli Hajipur, Haryana

60 Client Ratings

he can file a case of cheque bounce but it is a long process and bailable till then you can arrange the payment

October 11, 2020