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Invested 10 lac in a company gave cheque which got bounced


I had invested Rs 10L in a construction company in Chandigarh, Punjab in march 2016. The company has issued PDC for monthly interest and principal amount. The interest cheques started bouncing from Sep17. The company sent a letter not to present the cheques as it is facing finacial problems and issues will be resolved and payment will be made by June18. The principal cheque is to be presented on 31st Mar18. Now should I present the cheque allow it to bounce and file a cheque bounce case OR to wait upto June18 as intimated by the company. If a case is to be filed what would be the expences and best a lawers in Bengaluru for such case,


Answers (1)

Please note that there are specific timelines to be followed for a cheque bounce case. As you must be aware a cheque is valid for 90 days from the date mentioned on it and after that it becomes invalid/stale. Once a cheque is dishonoured a legal notice is to be issued within 30 days of dishonour and the other side is given 15 days from receipt of notice to make payment. Should the payment not come through in the 15 days, you get 30 days from the 16th day to file the case. It would be advisable to start depositing the cheques rather than waiting till June since there is no guarantee of the company's financial position. Further, the jurisdiction of the court would depend on where the cheque the cheque is deposited.


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