On 138 of n.i.act

Querist : Anonymous (Querist) 21 August 2011 This query is : Resolved
please provide judgments on FRIENDLY LOAN can not attract offenses under Section 138 of N.I.Act. Thanks.

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ajay sethi (Expert) 21 August 2011
what is nature of your query? facts of the case?

Querist : Anonymous (Querist) 21 August 2011
cheque was issued against FRIENDLY LOAN

ajay sethi (Expert) 21 August 2011
whether complainant is a money lender ? if he has advanced many such loans and in case cheque issued by accused bounces then no complaint will lie under section 138 Ni . it all depends upn facts of each case . whether he has advanced many such loans . whether he has money lender licence?

Advocate. Arunagiri (Expert) 22 August 2011
Friendly loan is a legally enforceable debt as per the NI Act.

R.Ramachandran (Expert) 22 August 2011
A loan is a loan. Who ever borrowed is a debtor. If the debtor had repaid such a loan by means of a cheque and if that cheque gets bounced, naturally it will attract the provisionsof Sec. 138 of N.I. Act. Ofcourse, the complainant is also required to successfully prove that he had lent the amount and the cheque was in discharge of the legally enforceable debt.

DEFENSE ADVOCATE.-firmaction@g (Expert) 22 August 2011
If you say loan you are a money lender beware you may attract penal action.

prabhakar singh (Expert) 22 August 2011
i agree with opinion expressed by Expert : R.Ramachandran

Advocate Bhartesh goyal (Expert) 22 August 2011
I too agree with Mr R.Ramchandran.

SAANJAAY GUPTAA (Expert) 22 August 2011
I agree with Mr. Ramachandaran

Sachin Bhatia (Expert) 25 August 2011
Any cheque is discharge of a debt would attract 138 if it returns unpaid during its validity.

girish shringi (Expert) 26 August 2011
If friend is there then why shouldn't you make the compromise with him?
Law is not working on relation and affection even father can sue the son. O.K.

Arun Kumar Bhagat (Expert) 27 August 2011
If the loan is advanced in cash for an amount more than Rs.20,000/- then u/s 271D it is not enforceable. Hence the repayment would not entail prosecution under N.I.Act or any other act.

Querist : Anonymous (Querist) 02 September 2011
thanks to Mr. Arun Kumar Bhagat.

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