Cheque
Adv M.D.Azhar
(Querist) 31 March 2012
This query is : Resolved
what is the value in the eyes of law of Post dated cheque given by the company to its customer by filling up the names and the money, If such company wind up so a customer can file a complain under 138 of N.I.act, The company is registered in india.
ajay sethi
(Expert) 31 March 2012
post dated cheque has no value . from the date mentioned in cheque it is valid cheque and can be presented to bank for encashment .
if company is wound up you wont be able to realise your money . secured creditors will get priority .
Deepak Nair
(Expert) 31 March 2012
Post dated cheque has value only from the date which is mentioned on it.
You can present the cheque in bank after the said date. It can be used against any existing liability, whether the company is wound up or not.
SAINATH DEVALLA
(Expert) 31 March 2012
Dear Azhar,
You said post dated cheque,you said the company is wound up.If the company is winded up before the date mentioned on the cheque,section 138 does not attract at all.That cheque is as good as scrap.
N.K.Assumi
(Expert) 31 March 2012
I am the view that post dated cheque carries with it an implied notice to the effect that for the present there are no deposit but at the same time assuring that the funds will be made available by the date it becomes due,irrespective of wounding up of the company..
SAINATH DEVALLA
(Expert) 31 March 2012
First ascertain whether the account is closed along with the company.
Shonee Kapoor
(Expert) 31 March 2012
PDC are fully valid with the assumption that the debt is established and the payee promise to make funds available for encashment of the same.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
prabhakar singh
(Expert) 01 April 2012
Section 2(d) of the Indian Contract Act defines consideration as follows"(d) When, at the desire of the promisor, the promisee
or any other person has clone or abstained from doing,
or does or abstains from doing, or promises to do or to
abstain from doing, something, such Act or abstinence or
promise is called a consideration for the promise "
Hence the consideration can be in past, present or future.
A post dated cheque is consideration payable in future which is fully valid in law and if cheque bounces on
presentation for collection,the liability under section 138 of N.I.ACT is attracted besides right to realize by a summary suit.Winding up shall not suspend offence committed under section 138 of N.I.ACT.
Adv M.D.Azhar
(Querist) 03 April 2012
Thank u all experts for their views.
