Cheque is bounced / Invalid

Hello experts, I had transfer some amount to one on the LLP as we wanted to do partnership with them for pri-school business where we both agreed to invest 50% of total cost. This person has very good reputation in the society we are living and hence we fall in the trap. And only notary was done and this person never let us enter in Partnership deed, every time when we asked for it he avoided topic. Because that person's attitude, avoiding partnership deed and behavior towards us we decide to withdraw from project and after lot of discussion LLP owner gave us post dated cheques of same amount which I transferred to his LLP account. Before I present cheques to the bank, LLP owner send me SMS, Email saying "because of not having enough funds in my account I am stopping cheques and I have send registered post as I have full intentions to repay me back but you need to wait". I did not see the emails and SMS he send and presented cheques to the bank. Registered post I received after I present cheques to bank. When I asked him about why he stopped cheque payments, he said I have given this money to course designer and I will return you once I get money back from them. When I asked about reciepts, contact number, or call that person from his cell he refuses. Looking all above sequences I had doubt on his intentions and I send him notice also file case under 138 NI Act section well within time lines which is yet to come on bench. Now questions which I have are, Note: My intention is not punish him but to get back my hard earned money. - Can he declare himself bankrupt to save himself from possible punishment. - If he declare himself as bankrupt what possible steps can court of law takes to punish him. - With most of my talks with few other businessmen friends they says your money is gone and it will not come back, this person must be aware of lot of loopholes in the system and will come out safely. - Can I also file 420 case along with 138 NI act? - What loopholes he can opt to save himself ? Thanks in advance for your valuable advice.