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Complaint filled under ni act

(Querist) 27 July 2022 This query is : Resolved 
can a compliant be filled under section 138 and 142 of NI act if the said loan amount is guaranteed by hypothecating un movable assets

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Advocate Bhartesh goyal (Expert) 27 July 2022
Yes, Even than loan account is guarrnted by hypothicating immovable property,if cheque against instalment of loan amount bounces, ccomplaint u/sec 138 of N.I.Act can be filed.
P. Venu (Expert) 31 July 2022
Complaint under NI 138 cannot be filed just because a loan is pending or a cheque has been issued thereon. The complaint could be filed if the cheque is dishonoured and the subsequent statutory notice to clear the debt is ignored.

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