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I lent money to a partnership where my wife was a partner. The loan amount was transferred from my personal bank account to the partnership's account. As security, I obtained a blank cheque from the firm. Due to a bank merger, the cheque became invalid. A replacement cheque was issued, but it was only signed by my wife. My wife subsequently left the partnership, and the remaining partners are now refusing to repay the loan. Can I invoke Section 138 of the Negotiable Instruments Act against the remaining partners by depositing the replacement cheque signed solely by my wife?
Sir, you can only invoke section 138 of NI Act if the cheque issued by the drawer is dishonored due to fund insufficiency. In your case cheque was only signed by your wife and she is no longer part of the firm, so the action under 138 will be complicated. For further legal assistance contact us on our helpline number.