Legal Question in Credit and Debt Law in India

Sir,

My father (retired high school head master) 64y/M given Rs 5 lakhs to one of his collegue (hereafter party) as one time cheque payment after receiving a postdated 5 lakhs cheque by assuring monthly interest payment.

Unformately the party refused to pay both sum and interest.

How to proceed legally to make fast settlement.

I am

Dr B karthikumar

MBBS.,DMRD.,DNB

Radiologist


Asked on 1/16/15, 7:33 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

16.01.2015

Dear B Karthikumar,

As per latest RBI guidelines the validity period of a cheque is three months from the date written on the cheque. If the post dated cheque has become due for realization, i.e if the date on the cheque is before the current date, and since the opposite party has not adhered to his / her commitments, your father should deposit the cheque in the Bank. If it is returned back unpaid or is dishonoured, your father will have to file a case under Section 138 of the Negotiable Instruments Act within one month from the date of dishonour of the cheque.

Regards,

Read more
Answered on 1/16/15, 8:02 am


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