Legal Question in Credit and Debt Law in India
cheque is returned with the bank endorcement ' effects not cleared , present again'. Since it is outstation cheque and the cheque validity period is about to over , we could not represent the cheque and the proceedings against NI Act were initiated. Please let me know whether this will come under NI Act and any problem with the bank endorsement. Because the defaulter has taken the ground that the cheque was not returned as per the NI Act and it will not be covered and NI act
Asked on 9/06/09, 8:45 am
3 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
in case the default had the suffficient balance in his account to honour the cheque, he would not be liable u/s 138 NI act and you may file a civil suit instead for recovery under order 37 of civil procedure code.
Answered on 9/07/09, 1:48 am
Seshadri Srinivasan
www.lawconcern.com
Your problem will come under NI Act.
Answered on 11/02/09, 2:44 am
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