Legal Question in Banking Law in India

My self Dr. S. Nandi (Scientifist) applying the help of attorneys in my financial problem.
On 03.06.2014 one person takes total Rs 80,000.00 from me as personal loan (non banking) in an unavoidable circumstances. On 01.07.2014, that person gave me four post dated cheques of total Rs 80,000.00 in four dates (01.11.2014, 01.03.2015, 01.07.2015 and 01.12.2015) of Rs. 20,000.00 each. The document proving that he has taken Rs. 80,000.00 from me is there. Now if he closed his bank account within the due date of second cheque (01.03.2015) without informing me then that cheque as well as all successive cheques will be definitely bounced. May I take action against him U/S article 138 NI Act? How can I get back my entire money (total Rs 80,000.00) from him when the any one cheque of first 3 will be bounced?

Asked on 7/04/14, 11:04 am

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Yes, you may take legal action under the section you have mentioned.

Yes, there are provision in the law that you can claim and return back your money. To know in detail you have to contact with:

Answered on 7/05/14, 1:22 am

Fca Prashant Chavan Expert Edge LLP

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06.07.2014

Dear Sir / Madam,

Yes, if the cheques bounce, you will have to file a recovery suit under Section 138 of the Negotiable Instruments Act.

Regards,

Answered on 7/06/14, 1:44 am

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