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
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.
