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