section 138 n.i.act

atul mehta (Querist) 17 April 2011 This query is : Resolved
I as director of company i had borrowed money from a financer, the financer had made a hundi from the bank which i accepted and signed also i had issued a cheque as security on due date i could not clear the hundi hence the financer deposited the cheque it bounced and he has filed a suit under section 138 after filing the suit in the court the financer has paid the bank the hundi amount. I request please inform me that did the liability exist at the time of cheque bounce or till the filing of suit as even the financer had not paid the bank at that time.we both were liable to pay the bank at that time.
thanks amd regards

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Advocate. Arunagiri (Expert) 17 April 2011
The offense is made only and immediately after the expiry of 15 days notice informing the cheque return. The person who had signed the cheque is liable to be prosecuted.

atul mehta (Querist) 17 April 2011
my query is that did legal liability exist even after 15 days as the financer had not paid the dues to the bank.
thanks

abhishek (Expert) 17 April 2011
the liability is still due against you and at that time too.

Kiran Kumar (Expert) 17 April 2011
yes the liability stands after 15 days

Guest (Expert) 23 April 2011
SIR,
YOU MAY KINDLY NOTE THAT
1.AMOUNT WAS BORROWED FROM FINANCER AND CHEQUE WAS GIVEN TO HIM.
2.FINANCER FURTHER INVOLVED BANK AND MADE A HUNDI WHICH WAS SIGNED BY YOU.
3.CHEQUE DISHONOURED ON PRESENTATION ,CASE FILED.
4.FINANCER CLEARED BANK DUES.
5.KINDLY NOTE THAT IT IS A FACT THAT THE AMOUNT WAS GIVEN TO YOU AND YOU FAILED TO RETURN, CHEQUE DISHONOURED ,COURT WILL CONSIDER THESE FACTS AND IT CAN BE EASILY PROVED IN COURT THAT CHEQUE DULY SIGNED BY YOU GOT DISHONOURED.WHETHER THERE IS LEGALY ENFORCEABLE DEBT OR NOT ,THE COURT WILL DECIDE ON THE BASIS OF FACTS AND EVIDENCE PLACED BEFORE THE COURT.
KINDLY NOTE THAT THE COMPLAINENT MUST HAVE FOLLOWED ALL TECHNICAL REQUIREMENTS OF LAW PROVISIONS OF N.I.ACT REGARDING NOTICE ,AND FILING OF THE CASE IN LIMITATION PERIOD.SO BE CAREFUL AND DEFEND THE MATTER WITH DUE CARE.GOOD LUCK.

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