1 Answer
Dear Client, as per your query, In case of failure to settle the dues within the 15-day period stipulated under the Negotiable Instruments Act, a cause of action would accrue for filing a criminal complaint under Section 138 of the Negotiable Instruments Act. To protect yourself against such a situation, it is imperative to immediately send a reply to the notice through a lawyer stating your financial hardship and suggesting a plan of repayment. This would demonstrate good faith (bona fide) on your part and would be an important defense in case of a court hearing. Although the offense is bailable and compoundable at any time during the hearing process, if an agreement is not reached, the consequences would be a fine of ₹2 lakhs (twice the amount) or imprisonment. I hope this answer is helpful. In case of further queries, please do not hesitate to contact us.
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