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karthik (advocate)     25 September 2011

Cheque bouncing

Dear members,

u/s.138 of NI act, a case was filed against my client for dishonour of cheque.The case of the complainant is that he gave a loan of Rs.50000/- for interest and the complainant gave the cheque and dishonoured. But the complainant did'nt possess a valid money lender license.Is the debt is a legally enforceable debt? Can the complainant suceed?Is there any case laws?kindly reply..........



Learning

 11 Replies

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     25 September 2011

Lower court will not accept this argument but by clever cross your can defeat the case for which you have to vigilant at every step.

AMITHCHETHAN (SELF EMPLOYED)     25 September 2011

Dear Sir/Madam

 
Myself AmithChethan MK from Mangalore Karnataka.
i'm a student also working in Insurance field as freelance investment consultant, here 6 months ago one of my room mate Mr.Shrikanta,
were trying to take a loan from pvt finance, he spoke with them, they agreed to give loan of 3.50 lakhs in that they made 60000 cut off  as a interest, they  made with him an agreement to give weekly interest 20% (70000) of 3,50000,  
 
they had taken his car documents,(he already has a loan in his car in another finance,) some written statements & his 5 sighned cheques, and also 2 sighned cheques of mine  (without date )
sir, now the problem is my room mate is not with me also he got some losses in his ventures, but the financier is pressuring  me to put my cheques to bank. later i went to my bank & given stop payment instruction.because i'm a student & i have no sufficient bank balance too.
 
If the financier go ahead with my cheque, what legal actions can they charge on me sir?
i am in terrible finacial condition.
here i'm simply a victim of these because of my room mate, i did not get a single ruppe from his loan amount. i dont have anything to pay them if they charge me......
please reply me ........................

AmithChethan 
Mangalore

A.VIVEK ADVOCATE (ADVOCATE)     25 September 2011

sir you can dispute the intrest but at the same time you con dispute the loan .

adv. rajeev ( rajoo ) (practicing advocate)     25 September 2011

when money is lent for interest it requires money lending license, so in your case I think no mondy lending licnese Hence the transaction amounts to money lending.  Hence it is not legally enforceable debt.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     25 September 2011

It all will depend on the pleadings in the complaint.

adv. rajeev ( rajoo ) (practicing advocate)     25 September 2011

Immediately issue notice to the financer not to present the cheques for collection and also inform the same i.e., stop payment intimation given to the bank with a reason that for what reason stop payment request is made to the bank.

Milind Gyani (Advocates and Legal Consultants.)     26 September 2011

Dear Sir,

                As per Bombay High Court. The debt is not legally enforceable. Since there was no money lending license. However, there are conditions attached.

Natwar raj Purohit (manager)     29 September 2011

sir,

in a  reccently  case  complaintant  state in court that  he give money against chaque and he paid by in him accout of saving account,  but he produce in court  a manager of bank and statement of current acoount with entry of the money.

when advocate of accused produce a application for statement of saving acount then trail court is refused.

WHAT ACTION WILL DO BY ACCUSED ADVOCATE?

PLEASE   ADVISE.

NATWAR RAJ PUROHIT

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     29 September 2011

such piecemeal advice is dangerous , you must give all details of complaint.

If there is specific mention of bank account in complaint , go in revision.

Natwar raj Purohit (manager)     21 October 2011

REDDY  AND  JSDN  SIR,

A  LOT OF THANKS.

AS PER YOUR ADVISE  ALSO,  THE  ACCUSED  ADVOCATE  FILED  REVISION  IN HIGH COURT.

DECISION IN FAVOUR  TO   ACCUSED IN FIRST  HEARING.

Natwar raj Purohit (manager)     27 October 2011

Adv.   karthik, 

many decision of different courts on  money lending license only aplicable in ni act 138.

no license----no hand  loan in ni act 138


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