Teach a Lesson to Errant Builder for Bounced Cheques
Refund Cheque issued to the Home buyer by the Builder was dishonored due to insufficient funds? Here is a simple-by-step guide for legal action for the home buyer Builders accept up to 20% of the total value of the flat as Ernest money or Booking amount. Many a times they utilize these funds for some other projects the home buyer is stranded for several years. After several years of follow up, the builder finally agrees to refund the booking amount by cheque! A cheque is a negotiable instrument. Many a times fraudulent builders use the tactics of issuing cheques towards refund of the Booking amount. They are aware of the insufficient funds in their account, yet they consider this as a delaying tactics towards repayment to the home buyers. L egally, the builder who issues the cheque is called ‘drawer’, home buyer - the person in whose favour, the cheque is drawn is called ‘payee’, and the bank who is directed to pay the amount is known as ‘drawee’. Cheques...
