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Author Topic: Cheque Bounce in broken partnership  (Read 1025 times)

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Cheque Bounce in broken partnership
« on: July 12, 2016, 06:06:09 AM »
Hello experts,

I had transfer some amount to one on the LLP as we wanted to do partnership with them for pri-school business where we both agreed to invest 50% of total cost. This person had very good reputation in the society we are living and hence we fall in the trap. And only notary was done and this person never let us enter in Partnership deed, every time when we asked for it he avoided topic. Because that person's attitude, avoiding partnership deed and behavior towards us we decide to withdraw from project and after lot of discussion LLP owner gave us post dated cheques of same amount which I transferred to his LLP account.

Before I present cheques to the bank, LLP owner send me SMS and Email saying "because of not having enough funds in my account I am stopping cheques and I have send registered post as I have full intentions to repay me back but you need to wait". I did not see the emails and SMS he send and presented cheques to the bank. Registered post I received after I present cheques to bank.

When I asked him about why he stopped cheque payments, he said I have given this money to course designer and I will return you once I get money back from them. When I asked about receipts for money transaction, contact number, or call that person from his cell he refuses.

Looking all above sequences I had doubt on his intentions and I send him notice also file case under 138 NI Act section well within time lines which is yet to come on bench. Now questions which I have are,
Note: My intention is not punish him but to get back my hard earned money.

- Can he declare himself bankrupt to save himself from possible punishment or repaying us.
- If he declare himself as bankrupt what possible steps can court of law takes?
- With most of my talks with few other businessmen friends they says your money is gone and it will not come back, this person must be aware of lot of loopholes in the system and will come out safely.
- Can I also file 420 case along with 138 NI act?
- What loopholes he can opt to save himself or repay me back?

Thanks in advance for your valuable advice.

Offline rajgopal sripathi

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Re: Cheque Bounce in broken partnership
« Reply #1 on: July 15, 2016, 06:57:01 AM »

1) You have done the right thing by filing a case u/s138 of NI

2)You should also file a criminal complaint u/s420 of IPC so as to bring pressure of imprisonment on the borrower.

3) You should also file a civil suit for the amount payable to you and also ask for attachment of personal properties of the borrower.

Before the person declares himself as bankrupt, you should file a civil suit for the amount payable to you and you should also ask for attachment of personal properties.

Normally if the borrower opts for filing insolvency(bankrupt) he might escape from the creditors including you for a short while.
But however the process of declaring a person as bankrupt is lengthy and the courts will have to call all of the creditors to present their claims to the court and the courts will adjudicate on how much of the money will be repaid to the creditors after the sale of the assets of the borrower.

So in essence you need to outsmart your borrower and act fast.
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Rajgopal Sripathi

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Re: Cheque Bounce in broken partnership
« Reply #2 on: July 16, 2016, 09:06:19 AM »
Thanks Mr. Rajgopal. I will seek advice on this from my lawyer and if possible will follow same procedure you suggested.

Also can you please help on, Now as I am being cheated can I let other people warned about this person so they should not fall to the trap and lose hard earned money.

Can I publish article (with picture of this person and his family) on internet so if someone searched about this person then they should know about it when case in progress. Can this person take any deformation action against it? - Is this advisable?

Shall I send message to all members in his facebook, linked in and other social media to warn them about this person?

He is still living on rent in the same society we are living and the way he is living, has no shame or retreat of cheating us. it appears he has done this with many people in past and has no fear.

So as a social responsibility should I warn all people so they should not trap in future?
« Last Edit: July 16, 2016, 09:07:58 AM by Report Fraud »


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