Cheque bouncing position after surrender of loaned vehicle,

Querist : Anonymous (Querist) 31 October 2010 This query is : Resolved
Sir,
Four wheeler loan taken as per HPA and blank cheques were given for installment fixed. Few cheques were dishonoured with the remarks 'insufficient funds' Financier agreed to take back the vehicle and accordingly the same was surrendered to the financier. As per financiers account statement there is a zero outstanding balance after all adjustments but still the financier filed a case u/138 of NIAct. Should this case be contested or I should settle for the cheques amount? Please guide me in the matter.

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R.Ramachandran (Expert) 31 October 2010
Yours is a very strange question. If accordingto you, if the outstanding balance is 'zero' where is the need for settlement for the cheques amount? Any prudent person would contest the claim. However, if you are in doubt whether the balance is 'zero' or not then you can consider settling with the financier.

Arun Kumar Bhagat (Expert) 31 October 2010
Contest the case and produce the financer's account statement.

adv. rajeev ( rajoo ) (Expert) 31 October 2010
When there is no legally payable debt you have to contest the case by producing the statement of accounts. Cross examination is very important.

Raj Kumar Makkad (Expert) 31 October 2010
I concur with Rajoo

s.subramanian (Expert) 31 October 2010
I agree.

DEFENSE ADVOCATE.-firmaction@g (Expert) 06 November 2010
I am extremely harsh on such matters since the right of the accused is disturbed which can not be compensated .

Just file counter criminal case for vicarious liability on all the persons of the lender , if no process is issued insist for police enquiry and go in revision if no order issued.

Ask for heavy damages in consumer court also for false complaint.

Parthasarathi Loganathan (Expert) 06 November 2010
Please check up with your financier and ensure that there are no dues payable on this account. Though the Balance in loan account can be shown as zero that does not imply the loan account is closed. There is also a possibility of some undebited interest outstanding in the loan account. Get No Due Certificate from the financier and check up with hypothecation clause registered from RTO.

Khaleel Ahmed Mohammed (Expert) 06 November 2010
yes.

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