Sec 138 Holds Or Not

Hi, Yes, you can file a complaint against him and recover the money he owes you under S.138. If you found this helpful, please rate and contact us.

The Supreme Court held that whether a post-dated cheque is for "discharge of debt or liability" depends on the nature of the transaction. If, on the date on which the cheque is issued, liability or debt existed or the amount is legally recoverable, Section 138 of the act will be attracted. Yes, you must send a legal notice to the defaulter upon cheque bounce. The legal notice must be sent through the registered post within 15 days of the cheque bounce and the receipt of the same must be retained by you for the purpose of proof. If the accused does not make the payment within the stipulated time, a complaint under section 138 can be filed against him in the court within 30 days after the expiry of the 15 days period after the service of notice.

The Supreme Court held that whether a post-dated cheque is for "discharge of debt or liability" depends on the nature of the transaction. If, on the date on which the cheque is issued, liability or debt existed or the amount is legally recoverable, Section 138 of the act will be attracted. Yes, you must send a legal notice to the defaulter upon cheque bounce. The legal notice must be sent through the registered post within 15 days of the cheque bounce and the receipt of the same must be retained by you for the purpose of proof. If the accused does not make the payment within the stipulated time, a complaint under section 138 can be filed against him in the court within 30 days after the expiry of the 15 days period after the service of notice.

The money you got transferred to the bank account of Your friend is the debt and the same can be recovered legally by initiating the process. You qualify to recover the money advanced by getting the cheque dishonoured subject to the other conditions of section 138 of Negotiable Instruments Act. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.