CHEQUE bounce u/s section 138,NI Act .
ABHISHEK
(Querist) 21 April 2010
This query is : Resolved
I had taken personal loan of Rs.5 lacs in the year of 2007.
I paid 30 EMI'S till date with out any delay out of 48 EMI'S till date.
For the last 5 months I was not in the position to pay any EMI.
The bank had 5 cheques which was provided by me as security cheques.
Out of those cheques the bank had presented one of the cheque which was returned & filed a case against me in the court u/s 138,NI ACT.
Could any one guide me ,how to ask the court to quash the case..!!
sunil ramchandani
(Expert) 21 April 2010
first get ur bail and start paying ur emi regularly.after bail judge will frame charges on you at that time accept the charge n u will be leived a fine only.but if u continued to default than u will get problem.
judges also think that when a person is ready to pay the amount they do not send u to jail.
in one of my case i did exactly the same.it was a cheque of 25000 rs n my client accepted n judge relieve him after fining 7000 rs.+ 25000 rs .
A V Vishal
(Expert) 21 April 2010
Abhishek,
The EMI's are being paid through ECS facility hence you have issued cheques since it is mndatory for the finance company/bank to send the cheque along with the ECS mandate form, however since the validity of a cheque is 6 months after 6th month the financier has to present another cheque, the cheques issued by you are in lieu of the same and hence they are not to be construed as security cheques.
Parveen Kr. Aggarwal
(Expert) 21 April 2010
Have talks with the officers of the bank and get your loan account re-scheduled. You have already paid 30 monthly instalments and in case you clear the default and assure regular payments in future, certainly the bank will not be interested in the pursuing the case further and in all probabilities the complaint shall be withdrawn by the bank.
G. ARAVINTHAN
(Expert) 22 April 2010
Sunil is right. First try to obtain an ordser of Anticipatory Bail and make payments without delay
James Arun
(Expert) 22 April 2010
Undated cheques usually taken as security by financiers do not come under the ambit of section 138 of NIA, as ruled by the Honorable Mumbai High Court recently. Ask your lawyer to take that citation.
Having taken out the criminal sting, you need to negotiate with your financier and find a way of paying back at your earliest convenience. As far as possible, keep your financier informed of your situation in writing, so that they cannot accuse you of wrong intentions.
James
Arunkumarpj@gmail.com
