Need Help: Section 138-142 of NI act

This query is : Resolved 

14 March 2011

Dear Experts,

I have been issued a Court Summon as per section 138-142 of the Negotiable Instruments act by my bankers Citibank NA.

My Case History:

I used to hold a citibank credit card & had run into the debt trap. I lost my job and was unable to pay the huge sum incurred (1.5 lakhs). As a result, the outstanding on my card was converted into a Loan and the bank accepted Post Dated Cheques as payment towards the loan.

They insisted that the loan would be a better way out to avoid the debt trap as the payments would be structured monthly.EMI = 6725

I was able to pay 30% of the outstanding before i lost my mother and lost my job again. I have been jobless since and the cheques issued have bounced as i have no income.

Please help me find a way out of this.

I want to know a couple of things:

1. What should i say in the court & what would happen there?
2. Should i plead guilty?
3. What would be the implications of this case?
4. Should i get in touch with Citibank & try and solve this matter out of the court?

Please help me with these answers as soon as possible as my summon is 2 days hence.

Advocate. Arunagiri (Expert)
14 March 2011

Dont delay engage a advocate localy.

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