Legal Question in Technology Law in India

Cheque bounce

i HAVE GIVEN A LOAN OF rS 2 LAKHS IN aug 2003, WHICH REMAINS UNPAID TILL DATE. tHE bORROWER HAS NOT PAID THE INTEREST ALSO. after a lot of persuasion, I managed to get a fresh Cheque dated 15/12/2007 for principal amount only in lieu of the old cheque which became out of date. Even now the borrower is requesting me to postpone presentment of cheque while assuring me that they will soon settle the payment of Principal and interest.

My question is what is the period for which i can hold the cheque.

2. If I present the cheque for payment and the same is returned, what is the period within which legal action has to be initiated.

3.what is the approximate legal costs involved for the recovery of Rs 2 lakhs

4.what is the maximum interest the court will decide for such suits

5.What is the approximate time period for the decision of the Legal action

.


Asked on 12/19/07, 2:19 am

3 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Cheque bounce

Hello

Your answers :

(1) 6 months from the date of issued cheque.

(2) One month legal notice has to be issued and followed a complaint can be filed from the date of dishonourment of the cheque.

(3) It depands on the prevailing stamp duty of the state. Lawyer fees is applicable exclusively and which depands on the lawyer.

(4) That one more time depands on the bank

(5) it takes 1-2 years depands on the movements of court.

You may contact personally alongwith the details.

Professional charges are applicable.

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Answered on 12/21/07, 2:56 am
G. M. Gupta gmguptaandassociates

Re: Cheque bounce

read section 138 and 142 of negotiable instruments act. you can access it on websites also.

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Answered on 12/20/07, 3:34 am

Re: Cheque bounce

1.six months from the date of issuance of cheque.

2.within one month from the date of dishonour of cheque notice has to be issued and there after within one month complaint has to be filed.

3.If civil suit then stamp fee as prevailing in state has to be paid.the lawyer fee is extra which depends upon lawyer.

4.prevailing bank rate.

5.Minimum 2-3 years which may increase depending on case.

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Answered on 12/19/07, 1:06 pm


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