Cheque bounce case
pandian s
(Querist) 27 May 2014
This query is : Resolved
I have taken a loan Rs 55ooo/= in the year 2007 from a credit firm agreed to repay on EMI and giving 36 undated cheques i have completed 30 installments but the firm exorbitantly charged interest and penal interest. I have stopped the payment for a negotiation to pay the balance as 16000/= with the condition of return the unused cheques. But the firm did not return the chque and sent the two of the EMI cheques writing the amount 24000/ and 12000/= and presented on 24.02.2013 without my knowledge the cheques have been returned from the bank. i came to know this from my bank manager and at once i have a sent a legal notice to the company branch at thanjavur for the misuse of my cheques buy writing the amount.There is no repply from the company till date on 11.05.2014 one unanimous phone call came to my wife mobile
threatened arrests warrant have been sent for us for the cheque bounce case.I [being an railway employee] and wife replied to the unanimous caller firmly.My wife has not signed in the loan agreement as the loan amount is meg re. again I sent a legal notice to the corporate office for the misbehavior of the company employees and asking to return the cheque. please clarify me [I] whether the cheques misused by the firm are come under the per view of section 138 NI.[II]without serving a notice to me may I be prosecuted under this section. whether it is possible for me to file a complaint in the court and what are the remedies for me if the company filed a suit against me under 138 NI please help me
Raj Kumar Makkad
(Expert) 27 May 2014
The debt is time barred hence it cant be claimed back by way of alleged mis-use o blank cheques.
If notice has even not been sent to you demanding payment of the bounced cheques, you need not worry as no offence under section 13 NI Act stands constituted.
Raj Kumar Makkad
(Expert) 27 May 2014
If threatening calls do come, your wife need to file a police complaint against the anonymous caller.
Rajendra K Goyal
(Expert) 28 May 2014
Please confirm if any ex-party proceedings against you about recovery of loan or cheque bounce case was initiated or not.
In the given facts agree with the advise of expert raj kumar makkad ji.
ajay sethi
(Expert) 28 May 2014
claim is barred by limitation . if threatening calls received lodge plice complaint
malipeddi jaggarao
(Expert) 28 May 2014
Since the loan was taken in 2007, if you have not signed any acknowledgement of debt, and if it is a personal loan payable on demand, the debt is time-barred as pointed by expert Shri Rajkumar Makkad.
Regarding the agreed settlement @ Rs.16000/- is there any written evidence to that extent that the amount is to be settled at Rs.16000/- and the balance cheques are to be returned to you?
The finance company presented two cheques - one is within the agreed amount of Rs.16000/-. Why have you not arranged funds as you have agreed to pay Rs.16000/-?
This will attract action under Sec.138 of NI Act - if there is written evidence for payment of Rs.16000/-, the case will be stronger as you have created evidence against yourself. Even in the absence of written evidence for settlement, though you have written a letter to return the unused cheques, the use of cheque is within the agrement, hence action under Sec.138 is justified. This is irrespective of the fact that the debt is time-barred or not.
The point here is once the cheque is returned, there should be a demand on you for payment. If the company has not send the demand notice, it can not resort to Sec.138.
Sometimes, the financial institutions leash threats to recover their dues. The phone call may be one of such tricks.
However, as you have agreed to pay Rs.16000/-, I advise you to meet the officials of the company and settle the matter by paying the agreed amount and taking back your cheques.
Sudhir Kumar, Advocate
(Expert) 29 May 2014
A Govtr employee is required tol maintain absolute integrity even in private life. bouncing of cheque amounts to lack of intergrity. and your deptt can take action against you once reported.
But luckily the financial companies and their recovery goons do not know this. They better trust threatening when debt is time barred.
Sudhir Kumar, Advocate
(Expert) 29 May 2014
you have not stated whether loan transaction was reported by you to the employer within one month as you are Govt employee.
T. Kalaiselvan, Advocate
(Expert) 31 May 2014
