I had given a loan to someone on trust and received cheques for the same, now I am in thought what if he filed a petition for insolvency,. Loan is given for personal purposes.
What remedy available to me? What should i do?
Anil Khatri 04 October 2024
I had given a loan to someone on trust and received cheques for the same, now I am in thought what if he filed a petition for insolvency,. Loan is given for personal purposes.
What remedy available to me? What should i do?
T. Kalaiselvan, Advocate (Advocate) 04 October 2024
The cheque bounce case under section 138 NI act can be filed against him.
The cheque bounce case will not be abated even if he files an insolvency petition to absolve him from his liabilities.
Advocate Bhartesh goyal (advocate) 05 October 2024
Yes, proceedings u/sec 138 of N.I.Act can be initiated.
Dr. J C Vashista (Advocate ) 05 October 2024
The borrower has not yet filed insolvancy petition, which is stated to be "thinking" you should proceed to file a complaint u/s 138 of NI Act, 1881 as well as suit for recovery of the amount through a local prudent lawyer.
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