Blank and undated cheque taken as collateral security.

Querist : Anonymous (Querist) 24 June 2011 This query is : Resolved
Whether proceedings u/s 138 of the NI Act can be initiated when a blank and undated cheque taken as a collateral security is dishonored?

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Devajyoti Barman (Expert) 24 June 2011
Yes when the collateral security is tried to be enforced and got dshonoured.

Querist : Anonymous (Querist) 24 June 2011
Even if the cheque is given given by my agent with respect to the increase of the collateral towards sundry debtors.

prabhakar singh (Expert) 24 June 2011
Yes Even then

Ajay Bansal (Expert) 24 June 2011
Agreed withb abovesaid views.

Querist : Anonymous (Querist) 24 June 2011
Thanks and appreciate the early response.

DEFENSE ADVOCATE.-firmaction@g (Expert) 27 June 2011
still you can contest and win since as a rule holders of bounced cheque make mistakes in over confidence in pleadings.

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