Section 138 of n/a

Querist : Anonymous (Querist) 25 October 2011 This query is : Resolved

1) what is time limit of depositing cheque under section 138.... whether 180 days or 6 months
2) whether last day of 180 days or 6months should of drawer bank receive the cheque????/

3) post dated cheues of 60 days are given me as security to private party, with whom dual transaction(sales and purchase) was expected... and cheque were given as security,where by cheque are given back to party(me), once party(me) receive the same amount material from(me)...generally party reyurn the post dated cheque.... but in this case party has not returned post dated cheque and deposited and got returned.... and filed case under section 138

please advice me ... what could be the status of case...... how to defend this case.... under which cited case of high court and supreme court

your expert advice will be highly apreciated fro me and whole business comunity

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ajay sethi (Expert) 25 October 2011
merely because cheque has been given as security and the cheque on presentation has been dishonoured you would be liable under section 138 of NI act on account of dishonour .

bombay high court has held that criminal complaint is maintanable if cheque given as security is dishonoured

ajay sethi (Expert) 25 October 2011
Presentation of the cheque within six months or within the period of its validity
The cheque must have been presented to the bank within a period of six months from the date on which it is drawn or its period of validity, whichever is earlier. Thus if a cheque is valid for three months and is presented to the bank within a period of six months the provisions of this section shall not be attracted. However if the period of validity of the cheque is not specified or prescribed the cheque is presented within six months from the date the cause of action can arise. The six months are taken from the date the cheque was drawn.

Raj Kumar Makkad (Expert) 25 October 2011
In addition to reply of Ajay, it is further replied that cheque should reach to clearing bank up to last day of its validation otherwise it shall not be accepted and no payment thereafter can be made thereon.

Ravikant Soni (Expert) 25 October 2011
I do agree with experts..

prabhakar singh (Expert) 26 October 2011
I too agree with experts.

Querist : Anonymous (Querist) 26 October 2011

i also agree with expert... but whether last day of cheque validity shoud be receving cheque in drawer bank, who is final authority to make payment or reject???????... or day of depositing cheque in drawee bank....??????

Shonee Kapoor (Expert) 04 November 2011
It should be the date by when the cheque should reach the drawee bank.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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