Legal Question in Banking Law in India

I have invested some amount for a certain monthly consideration.I received the same for nearly more than 1 year via cheque and ECS on renewal.There was an (agreement) MOU and a cheque issued for the principal amount.The details of the cheque i.e no ,bank etc is included in the (agreement) MOU. The monthly disbursal via ECS and the receiving account details have been included in this MOU ( agreement) signed by both parties.The monthly Consideration has not been received for a couple of months.The Person is available and wants some time to repay.

Questions:1)Areas when/where and the method to initiate Sec 138.(negotiable Instruments act).

2) The agreement is not registered or notified.

3) How many times the instrument needs to be deposited in the bank account.

4)The bank has been advised to give a memo as "Refer to the drawer".

5) Can the bank do this . If the cheque is not defective in details.

6) Should the bank be shown the cheque before and then take NOC that the cheque is OK to negate the Refer to Drawer Issue.

7) will the bank refuse ..

8 ) Can the drawer of the cheque advise the bank to "Stop Payment" via net banking/Letter.

9 ) Is a valid reason required to "stop the payment of Cheque" only to avoid Sec 138 of NI Act.

10) Can the terms of MOU be changed arbitrarily?

All and any further details details as necessary u/s 138 and latest amendments. I have invest some amount for a certain monthly consideration.I received the same for nearly more than 1 year.There was an agreement and a cheque issues for the principal amount.The details of the cheque i.e no ,bank etc is included in the agreement. The monthly disbursal via ECS and the receiving account details have been included in this agreement signed by both parties.

Questions:1)Areas when/where and the method to initial Sec 138.(negotiable Instruments act).

2) the agreement is not registered or notified.

3) How many times the instrument needs to be deposited in the bank account.

4)The bank has been advised to give a memo as "Refer to the drawer".

5) can the bank do this . If the cheque is not defective in details.

6) should the bank be shown the cheque before and then take NOC that the cheque is OK to negate the Refer to Drawer Issue.

7) will the bank refuse ..

All and any further details details as necessary u/s 138 and latest amendments.

3 Answers from Attorneys

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