About Promissory Note cases

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In any loan transactions between the the creditor and debtor written committment and receipt will be take place in the form of promissory note. In promissory note generally avaliable at all stationay shops in printed format which contains into two parts. In which the first part is consisting the details of the loan amnount, date and place of loan the details of creditor and debtor and date of repayment which can be executed by debtor with a promise to his received amount of rupees from so and so from so and so creditor along with interest @ so and so within the period of so and so and debtor will sign on the promissory note first part on duly affixexd Rs.2/- revenue stamps. The second part of the prommissory is a receipt it shall be issued by the debtor to the creditor duly signed on the affixed revenue stamps by stating that he has received loan amount of rupees so and so from creditor on this so and so date and the place. The both parts of promissory note shall be executed in presence of two witnesses compulsory duly signed by witnessing the execution of promissory note in their presence. In case of failure of debtor to repay the said loan amount accordig to terms of promissory note, the creditor is at liberty to pay appropriate legal action to recovery the said amount along with the interest by receiving legal notice and also filing suit.