Anoop 16 June 2015

Section 138_Personal Loan_Bounced Cheque

Hi Sir, I had took a personal loan in the amount of 1.42 lakh on December 2013, but on march 2014 I lost my job n was not able to pay march, April, may, June, July emi. Bank contacted me on July n I told them tat I will start paying them as soon as I get a job. So on August I paid them 2 months emi, same 2 months emi on September as well. The emi for one month is around 5350. I have a salary of 16k. It was becoming difficult for me to pay two months emi each month. So I was paying them one emi regularly each month. But on January they presented a cheque of 1.42 lac to my bank account which got returned. Then after a month or so I got a notice from an advocate to pay the full amount or else they will file a case against me. I talked with the manager n he said either pay d full amount or pay the over due amount which came around 24k. I told him my situation but he said he do not have any option. But the guy who comes to collect the cash said it's okay u pay the monthly one nothing wud happen. But now June 2015 I got a summon of section 138 for bounced cheque. Me n my family depends upon my salary. I do not have any option to pay d full amount. I can pay d monthly installment. What should I do? Suicide is only option left for me.

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3 Replies

saravanan s (legal advisor) 16 June 2015

dear anoop dont worry to my knowledge cheque given for security purpose if dishonoured cant invite action on sec 138 nia.so if the bank files cheque bounce case its not maintenable.we will also wait for other learned members of the forum to respond.

come out of your suicidal thoughts.dont worry.nothing will happen

Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 16 June 2015

You have not mentioned as to when and why you had handed over the cheque to the bank oficials. Im in agreement with my learned senior Mr Saravanan who hs pointed out that security cheques do not attract 138 of the NI act unless it can be established that the said amount ws actually due eventually.

Think about your family before commiting suicide. Its a cowardly and cheap thing to do.

Anoop 17 June 2015

Thanx for ur reply. I gave them cheque at d time of documentation. They have taken my signature on all d cheque leaves. As well as signed ecs form. I m trying d best but need some time to pay off the overdue amount. I am not familiar with court procedure. Will court sentence me to jail if I am unable to pay d complete amount or over due amount.