138 N.I. ACT

chiranjib mukherjee (Querist) 24 March 2010 This query is : Resolved
Whether the cheque depositing for security will attract 138 N.I. ACT ? Please give me some rulings.

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Arvind Singh Chauhan (Expert) 24 March 2010
Please find the attachment

Parveen Kr. Aggarwal (Expert) 24 March 2010
Yes. A cheque delivered as security and dishonoured for want of insufficient funds etc. will be covered under section 138 of the N. I. Act.

Neeraj Arora (9897136755) (Expert) 24 March 2010
I Also do agree with the opinion of parveen.

B K Raghavendra Rao (Expert) 25 March 2010
Opinion of Sri Parveen is correct.

Ashok Yadav (Expert) 30 March 2010
If the amount for which the cheque for security was issued has been paid, then the sec. 138 N.I. Act does not apply, but if the liability to repay the amount is still exists, in that case if cheque for security is bounced, it will attract sec. 138 N.I. Act

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