Solve the cheque problem which was given by me 7 years ago

Goutam (Querist) 19 September 2010 This query is : Resolved
Hi,

The cheque was given by me 7 years ago.

1. I had given a cheque vide dt.4-5-2003 to my friend for the payment of the debt which i had taken from him.

2. When i gave the cheque there was sufficient balance in my account.

3.After giving the cheque there is no legal action taken by my friend for the payment of that due amount till now.

4.In the recent days he is claiming or demanding for that amount and told me that he had not received any payment through the cheque which was given by me vide dt. 4-5-2003.

5. Now he is also said that the cheque was presented by him in the bank. But the money was not given him by the bank. EVEN he has not explained the reason that why bank stopped that particular transaction.

6. He is also said that many notices or reminder was given me by post for the not fulfillment of the above said transaction.

7. But no notice, reminder or even summons for this particular cheque or transaction has benn received by me till now.

8. According to my knowledge i have not done any fraud against him.

8.So Plz tell me that:-

(i)Now i am liable for this thing.

(ii) Can he file any suit regarding the cheque against me in the distt. court. now.

(iii) Any proceeding u/s 138 of Negotiable Instrument Act or u/s 420 of I.P.C can be started against me now.

( What is the time period for filing a suit for the dishonour of the cheques or for the proceeding u/s 138 of N.I Act/)

Follow Query

Report Abuse

s.subramanian (Expert) 19 September 2010
No. You are not legally liable since the debt has become time barred.

No suit can be filed at this stage.

No prosecution also is possible since the cheque has become a stale one.

Parthasarathi Loganathan (Expert) 19 September 2010
If Goutham has subsequently obtained any documents as Debt Confirmation from his borrower, then such time-barred debts is revived. Banks have revived several time-barred debts purely on the basis of Express Promissory Letters obtained subsequently when notice of default is advised

Adesh Kumar Sharma (Expert) 20 September 2010
My dear friend

l wud that he can not take any action against you as limitation has expired to file a civil suit as well complaint under section 138. so dont worry.
Thanks

R.Ramachandran (Expert) 20 September 2010
The above question was in the Forum, and I had replied as under:
Dear Mr. Goutam,

Action cannot be taken by your friend against you either under Sec. 420 IPC or under Sec. 138 N.I. Act.

This is the legal side of it.

Come to moral side:

You know that you borrowed the money. You know that you have not repaid the money to your friend (according to you your bank account has not been debited.) Agreed that at that time you had sufficient fund in your account when you issued the cheque and subsequently the fund got depleted. But over the past 7 years had you made any attempt whatsoever to repay the amount or to explain to your friend your circumstances? Even now are you willing and ready to pay the amount of loan taken by you to your friend? Is this the way one has to conduct onself with one's own friend? If this is the trend, do you expect any one else to come forward and help in times of need? Don't you owe any moral responsibility?