Complaint filled under ni act

Sachithanantham D (Querist) 27 July 2022 This query is : Resolved
can a compliant be filled under section 138 and 142 of NI act if the said loan amount is guaranteed by hypothecating un movable assets

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A complaint can indeed be filed under Section 138 of the NI Act if a cheque issued for a loan instalment bounces, even if the loan is secured by hypothecating immovable assets. However, simply having a pending loan or issuing a cheque is not enough. The key is that the cheque must be dishonoured, and a statutory notice to pay the debt must be ignored by the recipient.

Advocate Bhartesh goyal (Expert) 27 July 2022
Yes, Even than loan account is guarrnted by hypothicating immovable property,if cheque against instalment of loan amount bounces, ccomplaint u/sec 138 of N.I.Act can be filed.

P. Venu (Expert) 31 July 2022
Complaint under NI 138 cannot be filed just because a loan is pending or a cheque has been issued thereon. The complaint could be filed if the cheque is dishonoured and the subsequent statutory notice to clear the debt is ignored.

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