Salary Cheque Bounce for the clearence of my 1.5 month salary

My company failed to pay salary to every employee on the specific day every month due to some fund issue , the director has not paid the salary for august and asked to wait till 25 august so that he can give the salary with lots of fight and arguments he released my salary on 27 august , now for september salary he raised his hands saying he dont have money and will give it soon , he also said that in case he fails to pay we have right that we can leave the company without paying notice period and same happened on 15th october , 3-4 people from my company left and he issued a PDC cheque for the salary amount and gave in written that he will ask us to clear it before diwali .. Now diwali is over and he is still not paying us .. kindly guide what to do .. the amount is near to 40K