Legal Question in Credit and Debt Law in India
We received two cheques worth Rs.35 lakhs against the supply of material and the same were returned due to insufficient funds. This happened in July 2008. We have filled the complaints in courts under NI Act.Due to this we were defaulted to the bank loan and bank has issued the notices. To pay to the bank we borrowed from the outside (like Personal loan from ICICI Bank and Gold loan and personal borrowings) to survive. We also incurred lot of money towargs legal expenses, in addition to mental tentions.
Can u please guide us how we can claim compensation from the defaulter under NI Act. And How much we can claim and will it be useful for us to submit the bank notices , loan documents (frsh loans to repay the bank obligation) as proffs for our claim.
We wouls like to claim the compensation under NI Act. Please advice
2 Answers from Attorneys
engage any local lawyer he will guide you properly.
you can claim compensation amount and harassment by showing these doucments.
Regards
apart from a complaint u/s 138 NI act, you also need to file a civil suit under order 37 of civil procedure code. you can recover your money through this civil suit and the suit has summary proceedings. in case the court concludes that the opposite party has no defence, the court may also pass the decree within months. as you have the cheques and also the invoice, you may file the suit and consult a lawyer immediately for this purpose.
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