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Gave blank cheques to lender not able to pay back loan what can I do
08-Jul-2023 (In Cheque Bounce Law)
Sir i had given check to my borower now i m helpless to pay my debts. Now what i do any soloutioun to escape imperisonment
Sir,
No need to worry just try to negotiate with your borrowers and make sure that they have not present the cheque before bank and if they done this then they will send you the notice of demand for 15 days, and they can file the case any time after 15 days under 138 NI act and you only have to take the bail if they file the case, but negotiation is best method to come out from the criminal liability, and if you are are willing to pay the money but you need some time to arrange then even you can openly make a promise to the borrower before the court to pay the money in so and so time and next option is to contest the case.
No need to worry just try to negotiate with your borrowers and make sure that they have not present the cheque before bank and if they done this then they will send you the notice of demand for 15 days, and they can file the case any time after 15 days under 138 NI act and you only have to take the bail if they file the case, but negotiation is best method to come out from the criminal liability, and if you are are willing to pay the money but you need some time to arrange then even you can openly make a promise to the borrower before the court to pay the money in so and so time and next option is to contest the case.
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Adv. Puneet Sharma
Faridabad | 200+ Answers
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