Compliant under section 138 and 142 of ni act

Sachithanantham D (Querist) 06 August 2022 This query is : Resolved
HI SIR
LOAN WAS TAKEN BY GIVING PROMISSORY NOTE PLUS CHEQUE AND HYPOTHICATING IMMOVABLE ASSETS
PROMISSORY NOTE VALIDITY EXPIRED
NOW DUE TO DISPUTE THE FIANCER PRESENTED CHEQUE AND IT WAS DISHONURED AND FILEED THE COMPLAINT UNDER SEC 138 AND 142 OF NI AC
IS IT VALID SINCE PRO NOTE EXPIRED AND LOAN TAKEN IS GURANTEED BY HYPOTHICATION OF ASSTES AND IT IS STILL VALID
PLEASE ADVISE THANK YOU

Follow Query

Report Abuse

Quick Summary

This discussion addresses a legal query regarding the validity of a complaint filed under Sections 138 and 142 of the Negotiable Instruments Act (NI Act) when the promissory note has expired. The loan was secured by both a promissory note and a cheque, with hypothecation of immovable assets. The core issue is whether the dishonoured cheque complaint remains valid despite the promissory note's expiry, especially since the loan itself is still guaranteed by the asset hypothecation. The advice given clarifies that promissory notes and cheques are distinct instruments and that the validity of a Section 138 NI Act complaint hinges on the cheque's presentation within its validity period (90 days) and adherence to other conditions of the Act.

kavksatyanarayana (Expert) 06 August 2022
On which date is the promissory note executed? Your query is not clear to me. Usually, the time limit is 3 years for promissory notes.

Sachithanantham D (Querist) 06 August 2022
SIR 3 YEAR PERIOD WAS OVER ON PROMISSORY NOTE,

Dr J C Vashista (Expert) 07 August 2022
Promissory note and cheque are two different instruments, wherein both are governed by different laws.
However, section 138 of Negotiable Instruments Act, 1881 deal with dishonour of cheque.
Whether the cheque was presented for realisation within its validity i.e., 90 days from its draw. ?
Whether other conditions of Section 138 and 142 of the Negotiable Instruments Act, 1881 are complied at the time of filing of a complaint in competent court of jurisdiction ?

P. Venu (Expert) 07 August 2022
Any suggestion depends upon the contents/allegations in the statutory notice served and also, the pleadings advanced in the complaint filed under Section 138.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries