Check bounce related
7 months ago
I was 19 years old in 2018 and open and milk agency company took blank check from me now they are shutting business in my area and also denied my bonus of 150000/-. I have there asset of worth 100000/- they are threatening me with check what should I do
A.Dear Client,
If there is no date on a blank cheque issued by you as a security against the business, so the person holding the said cheque is free to present the same on any date by putting a date on the cheque and if the cheque is dishonored or bounced for any reason, then holder of the Cheque can file a criminal case against the drawer of the cheque under section 138 N I Act within three months from the date on which it was presented in the bank. The Supreme Court in the case of Sripati Singh v. State of Jharkhand, 2021 SCC OnLine SC 1002, decided on 28.10.2021, held that a cheque issued as security pursuant to a financial transaction cannot be considered as a worthless piece of paper under every circumstance and that there cannot be a hard and fast rule that a cheque which is issued as security can never be presented by the drawee of the cheque. If in a transaction, a loan is advanced and the borrower agrees to repay the amount in a specified timeframe and issues a cheque as security to secure such repayment; if the loan amount is not repaid in any other form before the due date or if there is no other understanding or agreement between the parties to defer the payment of amount, the cheque which is issued as security would mature for presentation and the drawee of the cheque would be entitled to present the same. On such presentation, if the same is dishonored, the consequences contemplated under Section 138 and the other provisions of N.I. Act would flow. Thus, a security cheque issued for the advancement of a loan would be mature for presentation upon the default of repayment of a loan and upon dishonor of such a security cheque, the same would lie under the ambit of Section 138. In view of the aforesaid averments of Apex Court, you need to consult with an Advocate for guidance and steps.
If there is no date on a blank cheque issued by you as a security against the business, so the person holding the said cheque is free to present the same on any date by putting a date on the cheque and if the cheque is dishonored or bounced for any reason, then holder of the Cheque can file a criminal case against the drawer of the cheque under section 138 N I Act within three months from the date on which it was presented in the bank. The Supreme Court in the case of Sripati Singh v. State of Jharkhand, 2021 SCC OnLine SC 1002, decided on 28.10.2021, held that a cheque issued as security pursuant to a financial transaction cannot be considered as a worthless piece of paper under every circumstance and that there cannot be a hard and fast rule that a cheque which is issued as security can never be presented by the drawee of the cheque. If in a transaction, a loan is advanced and the borrower agrees to repay the amount in a specified timeframe and issues a cheque as security to secure such repayment; if the loan amount is not repaid in any other form before the due date or if there is no other understanding or agreement between the parties to defer the payment of amount, the cheque which is issued as security would mature for presentation and the drawee of the cheque would be entitled to present the same. On such presentation, if the same is dishonored, the consequences contemplated under Section 138 and the other provisions of N.I. Act would flow. Thus, a security cheque issued for the advancement of a loan would be mature for presentation upon the default of repayment of a loan and upon dishonor of such a security cheque, the same would lie under the ambit of Section 138. In view of the aforesaid averments of Apex Court, you need to consult with an Advocate for guidance and steps.
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