Want to stop collateral cheques

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asked Apr 11, 2016 in Banking Law by anonymous

I have given 10 blank collateral cheques to DHFL as security for loan approved against under-construction apartment. I have bought this property under subvention plan and builder had to pay pre-EMI till property is not ready for possession. Now property is ready for possession but we have dispute with builder as builder is selling same property to new buyers under more concessions, new buyers do not need to pay EMI till 18 months after possession. In the meantime DHFL deposited the one of collateral cheque cheque and withdrew amount without my knowledge as pre-EMI amount.

Now I am thinking to STOP all collateral cheques as DHFL breached my trust. I would like to know if I do so then DHFL can sue me in court and it attracts criminal procedure ?

 

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