Mr. A - the broker who took responsibility of the stock portfolio of Mr. B - gave a cheque of Rs. 1,00,000 to Mr. B after the full portfolio was destroyed by Mr. A by his 'instructions' to trade on March 2010. That cheque was given in June 2012 & presented which subsequently bounced - for which Mr. B gave a legal notice to Mr. A u/s 138 in July 2012. Mr. A gave another cheque in August '12 which is still held by Mr. B. Now, Mr. A wants to pay in instalments for which he is ready to sign a contract. Is there any contract to pay off the liability of Mr. A which can be legally enforceable if Mr. A stops paying after few instalments? No, the monthly instalments will exceed March 2012, will the claim of Mr. B be considered as Time barred beyond that period after crossing 3 years limit?
