Recovery of suit amount on the basis of promissory note - Money ...

Court Rules Debt on Promissory Note Enforceable Despite Non-Disclosure in Tax Returns; Debt Relief Laws Take Precedence.

October 5, 2021

Case Laws     Indian Laws     HC

Recovery of suit amount on the basis of promissory note - Money Suit - legally enforceable debt or not - If the suit transaction falls within the scope of a debt relief legislation, the lender cannot maintain an action outside its framework. But failure to disclose in the tax returns cannot render the amount irrecoverable. It cannot extinguish the right of the creditor. A civil remedy can be stifled only by a statutory provision and not by judicial innovation. - HC

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