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how to save myself if cheque issued by me bounced
23-May-2023 (In Cheque Bounce Law)
I issued a cheque to a company which got bounced. What to do now?
You were supposed to make a payment, but since you have failed in doing so, the other person can initiate a section 138 case of NI act / cheque bounce against you.
The process of filing a cheque bounce legal proceeding starts by sending a legal notice. Once you receive the legal notice and fail to pay within 15 days of receiving the legal notice, the person may file a case under section 138 NI act against you and another case under section 420 of IPC. Simultaneously he can also file a civil suit for recovery of the money.
Please note that cheque bounce cases under Sec 138 NI are of criminal nature and the punishment can be a fine or an imprisonment or both.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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