(A) Negotiable Instruments Act,1881, Sections 118, 138—Cheque dishonour—Signature on the cheque in question—Admission of—The accused  admitted his signatures on the cheque  on a deed of understanding wherein he had personally undertook to pay the respondent—Yet Trial Court acquitted him on the ground that complainant failed to prove existence of a legally enforceable debt—Held, admission of accused of his signatures on cheque and deed of understanding gave rise to a presumption that cheque was issued for consideration of a legally enforceable debt—The trial Court ignored the statutory presumption u/s 118 and 139 which cast a ‘reverse onus” on the accused and oblige him to rebut the presumption—Trial Court erred in calling upon the complainant respondent to explain the c...

(A.) Insolvency and bankruptcy Code, 2016, Section 7—Companies Act, 1956, Sections 433(e) and (f), 434, 434(1)(c) and 439—Companies (Transfer of Pending Proceedings) Rules, 2016, Rules 5 and 6—Winding up proceeding—Transfer from High court to NCLT—Proceeding might have been initiated by one or more creditors, but by a deeming fiction the petition is treated as a joint petition—Official liquidator acts for and on behalf of the entire body of creditors—The term "party" appearing in the 5th proviso to Clause (c) of Sub-section (1) of section 434 cannot be construed to mean only the single petitioning creditor or the company or the official liquidator—Words "party or parties" appearing in the 5th proviso to Clause (c) of Sub-section (1) of Section 434 would take within it...

Negotiable Instruments Act, 1881, Section 138—Dishonour of  cheque—Security cheque—Signed blank cheques—The High Court  proceeded to hold that the "security" offered was not for the discharge  of any debt or any liability—The impugned judgment of the High Court  cannot stand the test of judicial scrutiny—The cheques were given by  way of security, is a matter of defence—That would be a triable issue— Handing over of the cheques by way of security per se would not  extricate the accused from the discharge of Liability arising from such  cheques—Impugned order set aside. (Para 5) ...

(A) Negotiable Instruments Act, 1881, Section 138—Dishonour of cheque—Signed blank cheque—The signature in the cheque is admitted—Whether  amount and the date in the cheque were written contemporaneously with the signature of the petitioner and the name of the opposite party company therein, such question cannot be addressed by the court despite the fact that the court is an expert of all experts, and appointment of a scientific expert specialized in the subject is necessary—But at the same time, the accused/petitioner cannot be deprived of the opportunity to rebut the case made out by the complainant/opposite party—In the result, the order impugned is set aside—The petition is disposed of accordingly.  (Paras 18, 19) (B) Negotiable Instruments Act, 1881, Section 49—Dishonour ...