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/)