Sec 138 NI Act Is Not Attracted If Cheque Is Given As Security For A Loan From Unlicensed Money Lender: Bombay HC

The Bombay High Court has rejected a revision application filed in Section 138 NI Act complaint after observing that Section 138 can’t be attracted if the said cheque is given as security for a loan to an unlicensed money lender. As per the applicant, she gave a loan of Rs 12 lakh to the accused

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