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Threathing for section 138 on me and 420 against me


01-Feb-2026 (In Recovery Law)
Taken mortgage loan of 18 lakh from Axis finance..ready to surrender mortgage flat..but they r threathing for 138
Answers (4)

Answer #1
937 votes
Do not panic or pay under pressure Ask: “Have you sent any legal notice?” If notice received → reply properly within time Consult an advocate before taking any step If 420 FIR threat is fake → anticipatory bail can be sought if needed If you want, tell me: Did you actually issue a cheque? Have you received any legal notice or police call?
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Advocate Prashant Gupta

Adv. Prashant Gupta

LawRato Mumbai | 50+ Answers
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Answer #2
927 votes
No. Absolutely not. Section 138 of the Negotiable Instruments Act applies ONLY when all these conditions are met: 1. You issued a cheque to Axis Finance 2. The cheque was presented to the bank 3. The cheque was dishonoured (bounced) 4. Axis Finance sent a written legal notice within 30 days of the bounce 5. You failed to pay the cheque amount within 15 days of receiving that notice Connect with me as we handle this issues.
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Advocate Moksh Jain

Adv. Moksh Jain

LawRatoMumbai | 100+ Answers
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Answer #3
572 votes
If you default, lender may invoke SARFAESI and issue notice u/s 13(2), then 13(4) for possession. Surrender can be negotiated. They cannot threaten criminal action unless fraud. Seek settlement or restructuring in writing.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoPune | 700+ Answers
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Answer #4
734 votes
If cheque was issued and bounced, Sec 138 NI Act may apply. Mere loan default is not 138 unless cheque dishonoured. If you surrender flat, lender can proceed under SARFAESI. Check loan terms and notice details. Consult lawyer.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoMumbai | 1000+ Answers
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