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Payment blocked and cheated
10 months ago
A party has taken 5lakh from me since 5 year and given a blank cheque and now the party is not giving money back, and the party given the cheque is of oriental bank of commerce and now the bank is Punjab national Bank so what shall I do, and bank is rejecting the cheque, what shall I do.
A.Dear Client,
When a bank is merged with another Bank, all the activities and liabilities of the merging bank are passed on to the other Bank. A cheque remains valid for three months from its execution and in the course of that validity if the cheque of the merger Bank is represented before the Bank who takes over the charge of the Bank, for the reason of name differs in the cheque which belongs to erstwhile bank cannot dishonor the cheque for that reason beside other reasons like an insufficient fund, signature mismatch, overwriting etc. So, bring the matter in writing to the notice of the higher authority of the Bank and grievance cell of RBI asking them to reject or dishonor the cheque with a memo of dishonour showing the ground behind the dishonour when it is put up for encashment within the validity. Once you get the ground behind the dishonour citing the reasons like an insufficient funds, signature mismatch, overwriting, etc. then reach out to an Advocate for serving a legal notice to the borrower within 30 days from the date of receipt of the Memo of Dishonour from the Bank for taking legal action against the borrower for recovery of your debt and as suggested by your Advocate.
When a bank is merged with another Bank, all the activities and liabilities of the merging bank are passed on to the other Bank. A cheque remains valid for three months from its execution and in the course of that validity if the cheque of the merger Bank is represented before the Bank who takes over the charge of the Bank, for the reason of name differs in the cheque which belongs to erstwhile bank cannot dishonor the cheque for that reason beside other reasons like an insufficient fund, signature mismatch, overwriting etc. So, bring the matter in writing to the notice of the higher authority of the Bank and grievance cell of RBI asking them to reject or dishonor the cheque with a memo of dishonour showing the ground behind the dishonour when it is put up for encashment within the validity. Once you get the ground behind the dishonour citing the reasons like an insufficient funds, signature mismatch, overwriting, etc. then reach out to an Advocate for serving a legal notice to the borrower within 30 days from the date of receipt of the Memo of Dishonour from the Bank for taking legal action against the borrower for recovery of your debt and as suggested by your Advocate.
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A.Dear client,
Contact the party: Communicate with the party who owes you money and try to resolve the issue amicably. Explain the situation and request repayment of the loan. Provide them with a reasonable timeframe to fulfill their obligation.
Consult with a lawyer: Seek legal advice from a lawyer who specializes in debt recovery and banking laws. They can guide you on the specific legal actions available to you, including the appropriate steps to take regarding the blank cheque.
Send a legal notice: If the party fails to respond or refuses to repay the loan, your lawyer can help you draft and send a legal notice demanding repayment. The legal notice will formally communicate your intent to take legal action if the debt is not settled.
File a civil lawsuit: If the party still does not comply with your demands, you may consider filing a civil lawsuit against them to recover the debt. Your lawyer will guide you through the legal process, including the collection of evidence, filing the necessary documents, and representing your interests in court.
Consult with the bank: Contact the bank where the cheque was issued (Oriental Bank of Commerce) and explain the situation. Inquire about the reasons for rejecting the cheque and seek guidance on how to proceed. It may also be necessary to contact Punjab National Bank, the current bank where the party holds their account.
Explore legal remedies: Your lawyer can explore legal remedies available to you under banking laws, such as dishonor of cheque provisions, and guide you on the necessary steps to take.
Contact the party: Communicate with the party who owes you money and try to resolve the issue amicably. Explain the situation and request repayment of the loan. Provide them with a reasonable timeframe to fulfill their obligation.
Consult with a lawyer: Seek legal advice from a lawyer who specializes in debt recovery and banking laws. They can guide you on the specific legal actions available to you, including the appropriate steps to take regarding the blank cheque.
Send a legal notice: If the party fails to respond or refuses to repay the loan, your lawyer can help you draft and send a legal notice demanding repayment. The legal notice will formally communicate your intent to take legal action if the debt is not settled.
File a civil lawsuit: If the party still does not comply with your demands, you may consider filing a civil lawsuit against them to recover the debt. Your lawyer will guide you through the legal process, including the collection of evidence, filing the necessary documents, and representing your interests in court.
Consult with the bank: Contact the bank where the cheque was issued (Oriental Bank of Commerce) and explain the situation. Inquire about the reasons for rejecting the cheque and seek guidance on how to proceed. It may also be necessary to contact Punjab National Bank, the current bank where the party holds their account.
Explore legal remedies: Your lawyer can explore legal remedies available to you under banking laws, such as dishonor of cheque provisions, and guide you on the necessary steps to take.
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