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cheque are bounced from my side cos of insufficient funds, need time
25-Sep-2023 (In Cheque Bounce Law)
i have bought a gold from one of my vendor and we gave them the cheque and we also signed on the bill. now the problem is that some one have cheated us and our funds are stucked in that person and the person is ebsconding wereas the vendor have already deposited the cheque and they are bounced. i want to pay that vendor but i need some time but the vendor is not ready to listen me and he have warned me for legal case under section 406 and 138. what should i do now ? what action police can take against me ?
It is very unfortunate to hear that you have been cheated by a third party.
However as per law you are require to make legitimate payment to vendor. In case you fail to do so, he can file a criminal case under Section 138 of Negotiable Instrument Act read with Section 420 of Indian Penal code .
Further under civil remedy he can file a summary suit under Order 37 Rule 1 and 2 against you thereby seeking recovery of money.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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