Legal Question in Banking Law in India
I have a client which is dishonest to me. He has not paid a sum of 3 Lacs to me which includes the money he deducted for TDS. He gave me a cheque of 2 Lacs which was bounced due to insufficient funds. Later on I came to know that he does the same with everyone. Logically I can file a case against him and the signing authority of cheque may go to Jail. But now I came to know that he is planning to file bankruptcy.
My question is what will happen If I file a case against him and he files a bankruptcy, will my exercise of filing a case will be fruitful ?
Is it possible I can recover some money from him ?
2 Answers from Attorneys
Filing bankruptcy will have no effect on your prosecuting him under Sec.138 of N.i. Act . If he does not pay the fine amount he will be jailed.
Under sec138 negotiable instrument act u can secure his conviction even if he has declared himself bankrupt.
Related Questions & Answers
-
What is the limit for bearer cheque? How much i can withdraw by a bearer cheque Asked 11/22/13, 7:16 am in India Banking Law
-
I gave a person two lakh rupees before six months. When i needed money he paid me by... Asked 11/21/13, 7:08 pm in India Banking Law
-
Hi Sir/Maa'm, I'm unable to repay my educational loan due to financial crisis.Need... Asked 11/21/13, 9:46 am in India Banking Law
-
I am guaranter in a 6 years old loan. I want to know that can I withdraw my name as... Asked 11/21/13, 6:17 am in India Banking Law
-
Hi, We have a plot in Nellore, which is having Free patta given by the government in... Asked 11/20/13, 12:26 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
