Kaycee (Self Employed) 29 October 2012
Dear All,
1) I shall be thankfull if someone can clear the issue with regards to a Cheque issued by borrower as Gurantee for the principal amount received bu him and mentioned in MOU signed by both the parties.
2) Can the same cheque be used under the NI act 138?,if the same returns dishounered by the bank?
Should a notice be issued to the borrower prior to deposit of "Gurantee" cheque,?
Any other useful information/judgements etc...
Thanks in advance
Goutam Prasad (Advocate) 29 October 2012
Kaycee (Self Employed) 29 October 2012
Thanks Mr. Goutam Prasad for your reply,however can you please elaborate and explain "only after proper notice of gurantee becomes due",
Thanks
YOGESHWAR. (ADVOCATE HIGH COURT-criminal /civil -youract@gmail.com) 29 October 2012
Judgments on security and guarntee cheques are misquoted and not read in proper context.
In your case the cheque is for payment of principal so on bounce NI 138 is applicable.
However the accused have many othe eascape routes which arise due to comman lapses by the complainant or creditor.
Kaycee (Self Employed) 29 October 2012
Mr. Yogeshwar thank you for the update Kindly identify and help me to plug the escape routes and please list the lapses that need to be avoided.
Thanks
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