Cheque bounced how can we save ourselves

After completing my masters in business administration I worked for 2 years and then started a restaurant in Pune as a partnership firm with one of my friend. We received some funds from our investors in lieu of that we have issued post dated cheques to the party(no contracts/agreement) . Now due to huge losses we had to shut that business. Now the investor has bounced a cheque and asking for the payment. We are not in a financial condition to pay back the entire amount immediately, can we seek legal support to make the payment on installments or can we get some time to make the payment?

Answers (3)

82 votes

Dear sir,
You can either take time to make complete payment or make payment in installments.
Has the payee filed a suit against you, when were the cheques bounced (Date), please provide the details to enable me to advice you better.
Pragya Wazir

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76 votes

It would be better that you mutually discuss the terms and conditions with your investors as regards the repayment of the cheque amount and assure them of your willingness to pay otherwise investors may initiate legal proceedings against you.

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266 votes

Hi ,
in this case I would urge you to explain to the investor to wait for payment till you are in a position to clear the debts.
"The investor has bounced the cheque" , well it must be due to some reason and in all probability insufficient amount at your end that the cheque has bounced. Legally that is a clear offence.

However,I can only think of one way to work this out.

Should you have any queries feel free to contact.
Regards ,
Salonee Agarwal

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