Help in major trouble

mayank (Querist) 16 February 2015 This query is : Resolved
Dear Sir,

we were doing business with two firms proprietor ship belonging to father son duo each. we gave them material against PDC's given at the time of delivery as agreed terms of 60 days in 60 days cycle almost goods worth rs 18-19 lakh were given on getting PDC we started producing PDC but it started bouncing but for few payments were made like 1 lakh 1.25 lakh but eventually. they started buying time saying the owner has met with an accident, almost 1 month passed then some other excuse like father is hospitalized etc etc .. in Good faith we kept waiting since few payments of 1-2 lakhs were made during this period. as a support we waited but all the cheques bounced. we never sent any notice to parties yet but almost 8-9 months have passed and payment of almost 14 lakh is out standing and party is not responsing properly. we are worried now pls advise what sholc be our action. we have PDC's of almost 18-19 lakh in both the companies but all bounced.

we got tricked and never sent notice to them uptill now. since they were communicating and we thought the payment will be made.

pls advise what should we do. since although we have bounced PDC but 8-9 moths has passes does those PDC hold any value. and how should we go for recovery ? also we have intrest loss of almost 1.8 lakh and lot of harasment due to non response and abrupt response from customer.

pls advise.

regrds,

Mick

Follow Query

Report Abuse

P. Venu (Expert) 17 February 2015
What is PDC?

Rajendra K Goyal (Expert) 17 February 2015
Respected P. Venu ji.

PDC - Post dated cheques.

To author:

You have not served the notice for cheques bounced and did not filed the case u/s 138 NI Act. Now the cheques are stale and can not be presented again.

You have to file recovery suit for your outstanding.

Adv. Sagar R. Jadhav (Expert) 17 February 2015
You can file criminal case u/s 138 for cheque bouncing alongwith application for condonation of delay. You can also file summary suit for the same.

ajay sethi (Expert) 17 February 2015
file summary suit for recovery of your outstanding dues

T. Kalaiselvan, Advocate Online

(Expert) 18 February 2015
At this belated stage notice or any action under the provisions of 138 NI act will not be maintainable, hence as advised by expert Mr.Ajay Sethi, only suit for recovery of debts can be filed for relief and remedy.