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What to do when cheques given have insufficient balance
02-Aug-2023 (In Cheque Bounce Law)
MY COMPANY HAS EXTENDED A LOAN TO A PVT. LTD. BUILDER COMPANY FOR A PERIOD OF 6 MONTHS ON A MONTHLY INTEREST PAYMENT. FURTHER, THE LOAN WAS EXTENDED ON MUTUAL WRITTEN CONSENT. NOW, THE LOAN PERIOD HAS EXPIRED AND I AM DEMANDING MY LOAN AND THE BUILDER IS REFUSING PAYMENT. I HAVE CHEQUES GIVEN BY HIM BUT NO BALANCE IN THOSE ACCOUNTS. WHAT SHOULD I DO?
You can deposit the cheque in the bank and they will bounce and you can file a case under 138 negotiable instrument act. The legal demand notice will be sent to the opposite party and if they don't pay a criminal case will be filed in court have jurisdiction of the bank of yours.
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Adv. Chandrakant Tiwari
Delhi | 50+ Answers
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If the Cheques have been returned by the bank stating insufficient funds, You send him a legal demand notice within 30 days of receipt of the notice of insufficient funds. If you do not get a reply, you should file a criminal complaint under section 138, Negotiable instruments Act, for dishonor of cheque.
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Adv. Shikhar Mittal
Delhi | 25+ Answers
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Hi,
In this matter, you may deposit the cheques as you have all legal rights to get the amount due to you. Incase the cheque gets bounced, you need to file a case under section 138 N.I. Act. You need to follow certain procedural steps.
For more information feel free to have a word with me.
All the best.
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Adv. Sahej Uban
Delhi | 700+ Answers
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Hi there,
Present the cheque and get it dishonoured and file a criminal complaint under section 138 of Negotiable Instruments Act. Even if the cheque is towards the security, the Supreme Court has held that the dishonour of a post-dated cheque given for repayment of loan installment, which is also described as “security” in the loan agreement, is covered by Section 138 of the Negotiable Instruments Act, 1881.
You shall be covered under the said provision of law.
for further clarification please feel free to contact.
Thanks
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Adv. Monica Manchanda
Delhi | 25+ Answers
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Sir, you are at liberty to file a case under section 138 of Negotiable Instrument Act. Yours is a very strong case, and shall not be an issue if all the requisite documents are readily available with you
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Adv. Shobhit Shukla
Delhi | 25+ Answers
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