Legal Question in Banking Law in India
I am having chq Worth Rs. 5 Lac issued to me against a Friendly loan. Now the person refuses to pay, can i rely on the Sec 138 after it gets bounce for the recovery of my payments.
How long does it take to settle the case?
Can i file any criminal case along?
3 Answers from Attorneys
you can file a criminal case u/s 138 of Negotiable instruments act and along with that you may file a civil case for recovery under order 37 of civil procedure code.
Hope that the cheque is within six months when u can present it for encashment. In such a case if the cheque bounces, you can take action under Sec.138, Prosecution proceedings are usually long winded going on for years as the Magistrate courts accord lowest priority to disposing of the same.
First issue lawyer notice after the cheque dishonour and then proceed. It is possible that the issue may be settled after the lawyer notice.
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