138 of ni act

truman (Querist) 02 October 2014 This query is : Resolved
I have taken a loan of Rs.4 lakhs from A on cheques basis and paid back in cash on different dates and taken back the DPN and 4 cheques and 2 cheques are retained by A without my knowledge.

Now B deposited my above cheques issued to A for 2+2 lakhs in his name and the cheques returned for Insufficient Funds and demands payment and filed a case under 138 NI Act.

He had mentioned in the notice that this cheques are for the amount given by A.

Is it acceptable under the Act and Please let me know what to do.

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V R SHROFF (Expert) 02 October 2014
Mr. Advisor,
The current Query too, not related to you, it seems !!!
Who is "B"?? how he know u???

truman (Querist) 02 October 2014
B is the finance broker of the earlier transaction

ajay sethi (Expert) 02 October 2014
you have to fight case on merits . there is no debt due and payable to B

Rajendra K Goyal (Expert) 02 October 2014
Cheque is negotiable instrument. Whether proper endorsement exist.

Consult a local lawyer and discuss / show all documents.

P. Venu (Expert) 03 October 2014
Your profile does not suggest you are the true queriest.

truman (Querist) 03 October 2014
You are right I am placing the problems of the less privileged to get the right directions of the experts to take suitable action lest they be wrongly guided by novice.