The Supreme Court has expressed concern over a number of cases relating to the refusal of checks under Article 138 of the Negotiable Commodity Act and has proposed on Wednesday to develop a directive to terminate the cases of banks and financial institutions handling the cases. bottom. A certain amount of money is limited. The court proposed that such a policy could exempt the complaints of private parties. The bank, consisting of Judges Nageswara Rao,  BR Gavai and  Ravindra Bhat, will work with the central government to formulate policies on this issue, following an analysis conducted by the banking sector, preferably the Indian Banking Association (IBA). I made a verbal request to the state government. You need to do it. ..

  The bench found that most of the pending proceedings were small investigations and that the burden of the judicial and banking system was disproportionate to the amount recovered. “Isn’t it true that if the system and the effort it takes for banks and lawyers to recover are disproportionate, then cancelling or closing  cases below  certain limits, such as 10,000 or 15,000?” Richter said. Asked.

 The Chamber of Commerce said as a proposal to bail out the court. This is because each hearing in these cases includes the costs of both the court system and the Treasury. It was also clarified that this proposal applies only to institutional complaints and not to personal complaints. This proposal is a special court in which Maharashtra, Delhi, Rajasthan, UP and Gujarat are the states with the most proceedings under  NI law and are carried out in their districts. Judge

 Bert said the number of cases pending in the state ranged from Rs 50,000 to Rs 100,000, but many of these cases were small checks. As in tax cases, the Indian Union will not appeal if the tax effect is less than the amount. Would you like to accept it and unlock the courtroom? Because we are confident that every trial will cost the system,  the entire system, the court system, and the finances. We are talking about specific costs. ” At the suggestion of Judge Bert. Amicus Curiae replied that transactions below a certain amount could be submitted to real-time gross settlement (RTGS) to settle check transactions.

 He suggested setting a monetary limit of 10,000 or 15,000. There is no prosecution. You can review the process regularly to see if the number of cases has decreased.

 “We can develop a scheme that actually requires the entire series of cases to limit the amount, obtain RTGS in favour of the union, and destroy the criminal justice system,” Amicus suggested.

Additional Attorney General SVRaju said banks and financial institutions would outsource large-scale proceedings to lawyers to collect loan payments. Checks are often the collateral for a loan.

 The Chamber of Commerce considered the Suo Moto case in connection with the prompt hearing of the case under Article 138 of the NI Act.  Bench instructed the centre and state to respond to  Amicus Curiae’s proposal. Banks also demanded a high court response. This issue will be considered next  May 12.

 On March 7, last year, the  CJI Bobde Chamber of Commerce and Judge L. Nageshwararao registered the Suomoto case and developed a method for expeditious hearing of the case under Article 138 of the NI Act.

Leave a Comment

× Need legal help?