Re: Legal opinion regarding recovery of Tk. 42,15,421.00 (Taka forty two lac fifteen thousand four hundred twenty one) only, against dishonoured cheques issued by M/s. Company 1.
We refer to our letter dated 26.06.2005 on the above subject.
We understand that the Company 2 (the Company) issued Fire Insurance Policies in favour of the Company 1 (Company 1) but Company 1 issued cheques covering the premiums of four policies amounting to Tk. 43,84,947.00 only drawn on the account No. 2885 of the Company 1 maintained with the Bank 1, Foreign Exchange Branch. Upon presentation all the cheques were returned unpaid. In such situation our opinion has been sought with regard to merit of filing case to recover the amount.
The amounts covered by the cheques are not disputed by Company 1. So we think there is good chance of recovering the amount by litigation. However, since policies were issued against cheques, there may be questions to be raised by your regulatory authority.
Should you require any further assistance, please contact the undersigned.
For: “The Lawyers & Jurists”