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case filed under section 138 for not being able to pay EMI
13-Aug-2023 (In Cheque Bounce Law)
Dear sir I have taken one two-wheeler in 2014 on EMI after 10 EMIs I can't pay on time due lost my job, in 2016 I have surrender my vehicle to concern finance person now they are filed 138 how can I manage this sir please give me a suggestion.
Not all 138 NI Act cheque cases are maintainable. The needs to have been issued to cover a legally enforceable debt. That being said, you have defaulted the EMI, but have surrendered the vehicle. You will need to check the outstanding balance of the loan and whether the vehicle has been sold in auction. If sold and the pending loan due is recovered, then there is no legally enforceable debt. Hence the case can be contested and won after a trial.
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Adv. Sathya Narayanan Subramanian
Coimbatore | 200+ Answers
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