Tag: NI Act

Vicarious Liability under Current Legal Regime of Negotiable Instruments Act: An Analysis of Evolving Judicial Precedents

Introduction Section 138 of the Negotiable Instruments Act of 1881 (“NI Act”) makes it a crime to dishonour a cheque. The purpose of the provision, according to the Hon’ble Supreme Court, is to promote the efficacy of banking operations and to ensure credibility in conducting business via cheques. Because companies conduct a large number of … Continue reading Vicarious Liability under Current Legal Regime of Negotiable Instruments Act: An Analysis of Evolving Judicial Precedents

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Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

Introduction The Supreme Court of India vide its order dated 28th March, 2022 in Narinder Garg v. Kotak Mahindra Bank Ltd. (“Narinder Garg”) decided upon the effect of the passing of a resolution plan, under section 30(4)  of the Insolvency and Bankruptcy Code, 2016 (“IBC”), on the validity of proceedings under section 138 of the … Continue reading Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

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Liability Of Directors In Case Of Dishonor Of Cheque

Introduction: The way cheques are issued, bounced, and dealt with has changed dramatically throughout the years. Our country has benefited greatly from commercial globalization. The use of cheques expanded in tandem with the rapid growth of commerce and trade, as did the number of cheque bouncing disputes. The purpose of Sections 138-142 of the Negotiable … Continue reading Liability Of Directors In Case Of Dishonor Of Cheque

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Summarizing the interface between Negotiable Instruments Act and the Insolvency Code in P. Mohanraj V Shah Brothers Ispat

Introduction The Supreme Court of India recently pronounced the milestone judgment of P. Mohanraj V. Shah Brothers Ispat Pvt. Ltd. One specific question raised in the said judgment related to whether the scope of Section 14 of the Insolvency and Bankruptcy Code, 2016 (“IB Code”) would cover the magnitude of the Negotiable Instruments Act of … Continue reading Summarizing the interface between Negotiable Instruments Act and the Insolvency Code in P. Mohanraj V Shah Brothers Ispat

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