After giving lawyer's notice u/s 138, drawer wants some time

It will be time barred so take a fresh cheque.

The b est course is given by Solve Problem though you shopld xonsult your lawyer who served the Notice.

Even though you provide time to the drawer of cheque for making payment that won't serve the purpose. Notice once issued you have to initiate proceedings u/s 138 of N I Act, failure to do so you will have to get the delay condoned as you stated rightly. However, if the drawer of cheque doesnt pay the money despite enhanced time provided, you are back to square one. Thus, if the drawer is willing to pay, he can pay the same even when you have initiated proceedings u/s 138 of N I Act. Thus, if the drawer is genuinely interested, ask him to edorse and tell him he can arrange the money despite pendency of the proceedings (which you file within stipulated time) and make him understand you won't pursue the same once the payment is done.

If you are ready to give time to drawer then take a fresh cheque/s of settlement amount and signed the MOU in this regard while mentioning the same with proper witnesses

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