Legal Question in Banking Law in Indiana
chq bounce
I given chq of Rs.45000/- to mr.xyz for my friend close handloan.My friend taken handloan from Mr.xyz.But chq has been bounce.Mr.xyz tell me he will chase the file under sec.138 against me.Just i gone to help my friend.
3 Answers from Attorneys
Re: chq bounce
First advice, spruce of your English.
If you have given a cheque for Rs.45000/- to your friend as a loan and in turn he has endorsed it to his creditor in discharge of the loan taken by him, that creditor can certainly file a case under Sec.138 N.I.Act against you. You have to pay him the amount and recover it from your friend to avoid being prosecuted in case his creditor issues demand notice to you on the bounced cheque.
Re: chq bounce
That was a valid consideration for the payee; you may need to make payment of cheque amount to the payee to avoid your criminal prosecution and a possible jail term.
Re: chq bounce
Yes he can
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