Section 138 and 142

RAJENDRA PRASAD (Querist) 18 November 2011 This query is : Resolved
sir,
i was take a loan from local financier and fail to return the amount of Rs 2lakhs, so financier deposited chque,due to insufficient funds it was returned.then financier compliant lodged, court issue summons under 138 and142 NI.ACT,26th November to attend court.

Now also unable to pay the amount write now,i need some time, really i am in bad financial position, What can i do, please help me in this case

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Sankaranarayanan (Expert) 18 November 2011
go to the financier and explain the position and ask them to give time.

ajay sethi (Expert) 18 November 2011
engage a lawyer . cheque bouncing cases take long time to be decided o n account of huge backlog of cases unless it is referred to fast track court .

you have atleast 2 years time to settle

M.Sheik Mohammed Ali (Expert) 18 November 2011
yes i do agree expert query reply

Arvind Sehdev (Expert) 18 November 2011
Engage a lawyer, get a bail, rest what Mr.Sethi said,,,
you have almost 2 years to give back the money....
dont worry about the interest just pay the 2 lakh amount... courts in order to dispose the case faster sometimes ask the complainant to take the money and forge the interest...

Nadeem Qureshi (Expert) 18 November 2011
Dear Rajendra Prasad
i am agree with the above expert opinion, if you want some time then fight the case no need to worry, get bail and as per my view you can get 2-10 years time for repayment.
feel free to call