Legal Question in Credit and Debt Law in India
Negotiable instruments act - India
a) When a cheque returned unpaid and mentioned by the bank in ' FUNDS ' head - ' Effects not leared present again' . - Shall we follow the cheque again . Is it mandatory or can we proceed under Negotaible instrument act by giving Legal notice. In our case the cheque was presented after 5 months (more over outstation cheque)and the bank has advices as above. But we did not represnt that cheque and issued the notice. Is it ok or notice is invalid.
I would like to know whether bank has got that authority to advice for representation. Shall we follow the instructions compulsary.
1 Answer from Attorneys
Re: Negotiable instruments act - India
Your purpose should have been to get your money and not prosecution.
If the bank has advised you to present again, you should have presented the cheque. But now since you have already issued notice of demand, you may wait for the notice period. Hopefully, you will be get your money.
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