Table of Contents
How do you find the limitation period in 138 NI Act?
Under Negotiable Instruments Act the limitation period is 30 days from the expiry of the notice period….Thus, to sum up the timeline is:
- Step 1: Dishonour of Cheque and receipt of information from banker.
- Step 2: Send a notice within 30 days of receipt of such information.
- Step 3: Lapse of notice period in 15 days.
What is legal notice for money recovery?
By sending a legal notice for recovery of money, you give a formal warning to the person who owes you money to repay, or else a legal process will take place. Legal notice for recovery of money is a formal intimation between two people warning the other before legal action is initiated to get their due payment.
How do I write a legal notice for a bounced cheque?
Contents of Cheque Bounce Notice
- The name and address of the drawer of the cheque.
- The name and address of the payee.
- Information of the cheque presented to the bank for payment.
- Details of the cheque number, date and amount.
- Date of return of cheque.
- Reason for cheque bounce.
Can 138 notice be sent after 30 days?
A Notice of Section 138 must be sent to the check issuer within 30 days of check return due to validity. The payee can also begin legal action against the particular defaulting drawer only if the money wasn’t paid within 15 days of the receipt of a notice.
What is the time limit by when I must file a case for the bouncing of a cheque under the Negotiable Instruments Act in India?
within 30 days
As per Negotiable Instruments Act, legal notice must be sent within 30 days from the date of cheque bounce. Thereafter within 15+30=45 days from the date of sending the legal notice, case must be filed. In case the case is filed beyound that time then the same shall be time barred.
How much time does a case take?
BENGALURU: It takes at least four years for a case to be resolved in Karnataka high court or a lower court, according to the ‘India Justice Report 2019’, which also revealed the state has relatively higher vacancies for senior judges.
How long does a cheque bounce case take?
There is a statutory period of 15 days since the day the legal notice for cheque bounce is received by the defaulting party, to revert or take any necessary action.
Is Sec 138 bailable?
An offence committed under Section 138 is a non-cognizable offence (a case in which a police officer cannot arrest the accused without an arrest warrant). Also, it is a bailable offence.