Cheque Issued By An Individual Towards Personal Loan

997 votes

issue a notice under section 138 of negotiable instruments act.
after issuance of the notice, noticee shall either reply to the notice or pay the entire balance amount..if that does not happen you shall be at liberty to file a complaint with the magistrate court where you maintain your bank account..

Advocate Garima Anil Mehrotra LawRato

600 votes

Sir you can file a 138 complaint as well as a recovery suit for recovery of the money with interest or compensation

Please call us so that we can explain the procedure inrespect of both the matters.

Thanks and Regards
Bhuta and Associates Advocates

Advocate Asha Bhuta LawRato

954 votes

As per law, you have to send a legal notice to the person who has issued the cheques with in 30 days from the date of cheque dishonour and thereafter you have to wait for 15 days from the date of him receiving notice to give the said person time to pay your money. If he does not pay your money in those 15 days, you have file the case to concerned court in next 30 days.

Advocate Mukesh Vasant Shinde LawRato

549 votes

You can file a case under Sec 138 of Negotiable Instruments, Act 1881 for the Dishonour of Cheque due to insufficiency of funds. If you won't get the payment within 15 Days from the receipt of the notice sent, then you can file a Criminal Case under Sec 138 of Negotiable Instruments Act, 1881.

You could have filed a case under Sec 420 of IPC too if the Cheque issued on the company name could have got dishonoured due to change in the current name of the company.

An offence of Cheque-Bounce can be regisered in actual sense only when the opposite party fails to make the payment of Bounced-Cheque to you within 15 Days. Before filing a Criminal Case under Negotiable Instruments Act, 1881, a Notice under Sec 138 of N.I Act, 1881 is required to be served on Drawee within 30 Days from the receipt of the Bank Memo stating insufficiency of funds. You can claim double amount of the Dishonoured-Cheque amount in Cheque-Bouncing Cases. So, either the accused pays double of the 'Bounced-Cheque amount or he has to serve imprisonment which is extendable upto two years or both. A Payee i.e the Victim of the Cheque Bouncing case can get immediate 20 percent of the Cheque amount as interim compensation till the time the case remains pending in the court.

Advocate Pankaj Bajaj LawRato

688 votes

you need to send him the notice of dishonest with 15 days from date of knowledge (insufficient funds). if the money is not paid within 15 days from service of notice you will have to file criminal complaint under 138 NI.

if notice is not sent the matter becomes time bard.

Advocate Akshay Shinde LawRato

935 votes

tou must deposit the cheques again in order to cteate a fresh cause of action for instituting a case u/s 138 of NI ACT. secondly, so if there are 2 cheques one being in personal name and the other in company's , you can use the personal account cheque in this case. the company's cheque won't be of any use as it was a personal loan

Advocate Sudarshan Desai LawRato