Bouncing of a cheque invites criminal prosecution under section 138 of The Negotiable Instruments Act, 1881 in India. This Guide is meant to help entrepreneurs and small businesses cope with the problems that they often face when a cheque bounces. It gives the legal provisions in common man's language.
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Useful article on Negotiable instrument act 138 Arjun Randhir
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Discharge of Contract "PART 1" (Chapter 12) - Business LawSandeep Sharma
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(Meaning with suitable example & explanation)
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Useful article on Negotiable instrument act 138 Arjun Randhir
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Leading up to a contract, parties make representations to each other aimed at convincing the other party to enter the contract. Those representations that end up as part of the contract become the terms of the contract. However, representations that turn out to be unfounded or misleading may fall within the confines of misrepresentation. Though, not all representations that turn out to be unfounded or false will amount to misrepresentation, the courts have over the years developed a scheme of identifying what amounts to misrepresentation and what does not. In this presentation, I discuss the meaning of representation, terms, misrepresentation, and types of misrepresentation. I conclude by making a summary of the remedies available to the aggrieved party.
OBJECTIVE
Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
The ppt consists of meaning of the doctrine with example. A detailed understanding of the principle has been included along with many case laws. The essentials have been mentioned which will validate the act of parties.
No fault liability , strict liability, absolute liability, oleum gas case, Bh...Bindu Kshtriya
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Leading up to a contract, parties make representations to each other aimed at convincing the other party to enter the contract. Those representations that end up as part of the contract become the terms of the contract. However, representations that turn out to be unfounded or misleading may fall within the confines of misrepresentation. Though, not all representations that turn out to be unfounded or false will amount to misrepresentation, the courts have over the years developed a scheme of identifying what amounts to misrepresentation and what does not. In this presentation, I discuss the meaning of representation, terms, misrepresentation, and types of misrepresentation. I conclude by making a summary of the remedies available to the aggrieved party.
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Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
The ppt consists of meaning of the doctrine with example. A detailed understanding of the principle has been included along with many case laws. The essentials have been mentioned which will validate the act of parties.
No fault liability , strict liability, absolute liability, oleum gas case, Bh...Bindu Kshtriya
a brief description of no fault liability in environmental laws, along with full description of absolute liability and strict liability, with cases citation, i.e oleum gas case and Bhopal gas tragedy
Income tax appeals and Revision by abhishek muraliAbhishek Murali
Art of Preparation and Presentation of Income Tax Appeals by CA Abhishek Murali, Direct Tax Committee Chairman of Southern India of the ICAI. Presented with Hon'ble Pr.CCIT of Tamil Nadu and Puducherry, Mr.Sushil Khumar, IRS.
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Contract of agency, features of agency and termination agencyFAST NUCES
The presentation is abut the contract of agency. it contains the essentials features required for a agency. Moreover, it also includes the purpose of agency and kinds of agent. further, it is also providing termination of agency.
This presentation talks about the various aspects of Dishonour of cheque under Negotiable Instrumenmts Act 1881.
The presentation has been prepared as a project work and from basic research and understanding of law.
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This presentation discusses the legal provisions related to prosecution of directors in cases involving bouncing of cheques. It is of interest to entrepreneurs, directors of companies and corporate houses.
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The Adjudication Authority for companies shall be National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) and Supreme Court shall be the highest order of appeal or having jurisdiction to grant any stay or injunction in respect of matters within the domain of the NCLT and NCLAT.
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Cheque bounce is a cognizable offence in India under Section 138 of Negotiable Instrument Act, 1881, and can attract a penalty and/or imprisonment of upto 2 years. Get Legal Advice On Cheque Bounce
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Anil Chawla Law Associates LLP is a law firm based in India. We add value to business. We help startups and MSMEs grow and prosper.
We help through every life-cycle-stage of a small / medium enterprise.
Supporting promoters with creativity, vision, empathy and wisdom is our speciality.
We help Indian entrepreneurs form entities abroad. We also assist foreign companies to enter India.
We help design global structure for visionary Indians with dreams.
We help you with wealth management, family settlement and succession planning.
We combine entrepreneur's perspective with legal expertise and engineer's analytical approach.
Our clients are spread across the globe. We are always near you wherever in the world you may be.
We strive to be your friend, mentor and guide - with trust, confidence and care.
Seeing your business grow and prosper is our passion.
Senior Partner - Advocate Anil Chawla, Bachelor of Technology (Mech. Eng.) from Indian Institute of Technology Bombay; Master of Laws (Corporate & Commercial Law);
Bachelor of Laws, Insolvency Professional;
Author of many articles and books. Public Speaker.
Partner - Advocate Yogita Pant, Bachelor of Arts (Management); Master of Personnel Management; Master of Laws (Corporate & Commercial Law);
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Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
1. A QuickA QuickA QuickA Quick GuideGuideGuideGuide
ToToToTo
Action on Bouncing of ChequeAction on Bouncing of ChequeAction on Bouncing of ChequeAction on Bouncing of Cheque
February 2017 Edition
(Sixth Edition)
Includes changes in law introduced by
The Negotiable Instruments (Amendment) Act, 2015
www.indialegalhelp.com
(This Guide is strictly for information only. While all efforts have been made to ensure accuracy and correctness of
information provided, no warranties / assurances are provided or implied. Readers are advised to consult a Legal
Professional / Company Secretary / Chartered Accountant before taking any business decisions. Anil Chawla Law
Associates LLP does not accept any liability, either direct or indirect, with regard to any damages / consequences / results
arising due to use of the information contained in this Guide.)
2. A Quick Guide To Action on Bouncing of Cheque
TablTablTablTable of Contentse of Contentse of Contentse of Contents
Description Page No.
1. Glossary 1
2. Offence of Cheque Bouncing – Essential Ingredients 2
3. Offence by Companies and Firms 5
4. Prosecution of Directors 8
5. Summary of Procedure 11
6. Complaint with Magistrate and Court Fees 14
7. Cheque Bouncing – Case where Cheque is Presented 16
8. Some Special Cases 19
9. Out-of-court Settlement – Compounding 24
Annexure A – Format of Notice by Company / firm 25
Annexure B – Format of Notice by Individual 27
About Us 29
Notes:
Anil Chawla Law Associates LLP is registered with limited liability and bears LLPIN AAA-8450.
This Guide is an academic exercise. It does not offer any advice or suggestion to any individual or firm or
company.