Hi Friends and Experts...
Accused took a vehicle loan from SBP (State Bank Of Patiala). The bank opened a term loan account with one of its own branch in the name of accused and transfered loan amount in that account. The account No. allotted to this term loan account is 1234567890 in the name of accused. The bank also took security cheques from accused of his another saving account with OBC.
Default held up - The concerned Bank filled up CROSSED/ACCOUNT PAYEE cheque of accused, from its own custody, in the following way, got bounced and filed the complainant u/s 138 of N I Act....
In payee' column..... "A/C No. 1234567890 with SBP"
There is no name of concerned bank as payee in payee's column in cheque in question....
Is cheque bounce case is attracted with valid cheque, on the holder in due course basis or in-house-transaction..?
Pl update with law..
Thanks...