Section 138 (cheque bounce)
AK New Delhi
(Querist) 09 October 2012
This query is : Resolved
1. In the year 2001 I had given a loan of 3.25 lacs to a proprietorship firm on monthly interest.
2. Out of this amount the lady proprietor has paid back 1.75 lacs.
3. I had taken as security, undated cheques for Rs 3.25 lacs. Now I am left with cheques worth 1.50 lacs.
4. A loan agreement was also made in 2001 in which the said cheques with details are also mentioned.
5. Now the lady has sold the firm and closed her bank account related to the cheques lying with me and the lady has refused to pay the balance amount.
6. Can I present the cheques in my bank and file a case against her U/s 138/ 141 ni act? ( the cheques will be returned back with comment "account closed")
V R SHROFF
(Expert) 09 October 2012
NO, U CANNOT.
Even if u file [ it is possible] but u cannot succeed.
