Section 138

Kvijay12345 (Querist) 01 May 2014 This query is : Resolved

Regarding my last query about the unsecured loan from bajaj finance and the complain filed under section 138 of NI Act by bajajfinance; Expert ajay sethi has asked about the defence. My friend has taken the plea that dates,amounts have been filled in by finance company without any authorisation.I have evidence to prove that the cheques issued were for security purpose.
As Expert Ravinder.P have stated that Cheques given for the purpose of surety does not attract sec. 138 of NI Act. The bank has only one option that is recovery of money by filing civil case.Is there any HC or SC citation for above situation of security cheque?

Follow Query

Report Abuse