Experienced Cheque Bounce Lawyers in Noida

Cheque bounce instances are a severe subject that can result in serious ramifications for the issuer, including in some circumstances, criminal prosecution. It's critical to comprehend the legal options open to you in these situations.

The person who paid or the holder of the dishonored cheque has several legal options according to the 1881 Negotiable Instruments Act. These options include bringing a criminal case against the cheque’s drawer, filing an application with the Tribunal for Debt Recovery (DRT), or bringing a civil suit to recover money. Before choosing a course of action, each remedy should be thoroughly studied since each has pros and cons of its own.

A civil lawsuit for money recovery aims to recoup charges as well as the amount of money that the drawer paid. If an individual named XYZ receives a cheque for Rs. 100 drawn from Bank A, the payee or holder may file a DRT application under Section 64 toward XYZ at Bank A to recover the payment (of Rs. 100) plus any associated charges. Following receipt of notification under Section 62, any account holder or cheque drawer may, according to Section 64, apply to the DRT for the reimbursement of the sum (Rs. 100) plus any associated charges.

What does Section 62's definition of notice mean? A notification according to Section 62 is one that the bank serves to an account holder requiring them to pay a specified amount shown on a cheque in cash. The affected party is only eligible for relief if the amount is paid within the time frame that the bank has set. The bank has to have served the individual with this notification.

What does "repayment order" mean? A payback order is a court order for the owner of an account to pay any amount of money that is past due to the bank to the court. It also comprises its balance on credit (the money deposited) and any debts owed to it by a third party.