Legal Question in Banking Law in India

Dear sir, I do have a small doubt in the case as, on 20-01-2016, I had negotiations with one of the builders at Thane for purchase of a new property at his site and paid him a token amount of rs 100000 through cheque dated the same day. However, I was not satisfied from the feedback received and asked the builder to cancel the deal and I made the stop payment of the cheque on 22-01-2016. I have sufficient funds in my account at the time of stop payment. Please advise whether this is breaching of negotiatiable instruments act 1881. Thanks and regards chetan Kulkarni

Asked on 1/22/16, 3:26 am

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Yes. attracts penal provisions of Sec 138 of NIAct

Answered on 1/22/16, 3:40 am

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22.01.2016

Dear Chetan,

You should inform the Builder of your non-interest in the project and request the Builder to return back your cheque.

Regards,

Answered on 1/22/16, 3:42 am

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