I borrowed ₹35 lakhs from 12 different people and gave them cheques as security. Unfortunately, I couldn’t repay the loans due to financial difficulties, and the cheques bounced. Now my creditors are threatening legal action under IPC 138. What should I do?

Apni Law
Apni Law
Law Forum › Category: Cheque Bounce › I borrowed ₹35 lakhs from 12 different people and gave them cheques as security. Unfortunately, I couldn’t repay the loans due to financial difficulties, and the cheques bounced. Now my creditors are threatening legal action under IPC 138. What should I do?
Vote Up
104
Vote Down
Apni Law Staff asked 5 months ago

I borrowed ₹35 lakhs from 12 different people and gave them cheques as security. Unfortunately, I couldn’t repay the loans due to financial difficulties, and the cheques bounced. Now my creditors are threatening legal action under IPC 138. What should I do?

1 Answers
Vote Up
-1
Vote Down
Apni Law Staff answered 5 months ago

You should immediately contact your creditors and try to negotiate a repayment plan. You can also approach the court for time to repay the loans. It’s important to act proactively to avoid potential criminal charges and imprisonment under IPC 138.

You Might Also Like

Twenty years ago, we paid an amount and received a handwritten receipt from a firm, with their official stamp and details of the cheque. Now, after all this time, the firm is claiming the cheque bounced. Can this old stamped receipt be considered proof of payment in court?

My boyfriend tricked me into giving him 4 lakh rupees, claiming his father was ill. His brother even faked his father’s sickness to get the money. When I learned the truth, his father promised to pay me in 4 installments but the first cheque bounced. What should I do now?

Dear Legal Experts, I’m in a situation where a cheque I received has bounced. Can I send a legal notice after just one bounce, or do I need multiple bounces? Also, can I involve the police in this matter, or is going to court the only option?

My client issued a cheque on the 2nd of September, 2016. I presented it to the bank on the 4th of September, 2016, but it bounced. I informed the issuer about the dishonor, but only over the phone, not in writing. Now, I’m considering taking legal action. What legal remedies are available to me under Section 138 of the Negotiable Instruments Act, or any other relevant laws, considering the cheque was issued on the 2nd of September, 2016?

My previous employer, a software company, took a security deposit of ₹1 lakh from me. They returned ₹82,500 in installments over a year, but the remaining ₹17,500 came as a cheque that bounced. I contacted the company but haven’t received a response. I have a bank memo confirming the bounced cheque. Can I take this issue to consumer court? If so, how long would it take to resolve? Should I file the case against the person who signed the cheque or the company directors? What are the steps I need to take?

Share This Article
Previous Article In India, many families face challenges when relationships break down. Imagine a scenario where a wife leaves with the children, citing jealousy, and later seeks financial support. The father, despite wanting to see his kids, is denied access, and the court struggles to intervene. Even the children express reluctance to meet their father. Should he be forced to pay maintenance without the opportunity to connect with his own children? Isn’t this unfair? Wouldn’t it be better to ensure regular visits between parents and children, regardless of their feelings, to protect the well-being of the children and the future of our nation?
Next Article Is it possible to get married legally in a single day in India? What are the steps involved in a court marriage?

Follow US

Find US on Social Medias
Popular News
- Advertisement -
- Advertisement -
Ad imageAd image

📢 Stay Connected!

Join our community on Telegram and WhatsApp for instant updates, news, and exclusive offers.