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Received a letter from KOTAK of section 138 negotiable instruments
14-Jun-2023 (In Cheque Bounce Law)
I have taken perosnal loan and due to some financial issues i was not able to pay from last 5 months and today i got letter at home of section 138 negotiable instrument act 1881 from KOTAK mahindra bank. Please advise and let me know can bank take cheque as security and can they apply cheque bounce case on perosnal loan issues?
sir this matter is disputed in many recent judgements but primarily banks can sue under 138 for cheque bounce and simultaneously under debt recovery as well. however, definately the cheques are taken for a security for payment of EMI but it also leads to admitting a debt to be repaid by you.
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Adv. Mohit Sablok
Ghaziabad | 25+ Answers
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