NEGOTIABLE INSTRUMENTS ACT – ONE-PAGE REVISION SHEET

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NEGOTIABLE INSTRUMENTS ACT – ONE-PAGE REVISION SHEET

(Judiciary Mains Focus)

🔴 SECTION 138 – CHEQUE DISHONOUR

Essential Ingredients

(Kusum Ingots v. Pennar Peterson, 2000)

  1. Cheque drawn on account maintained by accused

  2. Issued for legally enforceable debt/liability

  3. Presented within validity period

  4. Dishonoured (insufficient funds / equivalent reasons)

  5. Demand notice within 30 days

  6. Failure to pay within 15 days of notice receipt

➡️ All ingredients mandatory

🟠 DISHONOUR – COVERED REASONS

(Laxmi Dyechem v. State of Gujarat, 2012)

✔️ Insufficient funds
✔️ Account closed
✔️ Stop payment
✔️ Signature mismatch

🔵 PRESUMPTIONS (CORE SCORING AREA)

Section 118(a)

Presumption of consideration

Section 139

Cheque presumed to be for discharge of debt

📌 Scope: Includes existence of debt
(Rangappa v. Mohan, 2010)

📌 Rebuttal:
Preponderance of probability
(Basalingappa v. Mudibasappa, 2019)

🟣 SECURITY CHEQUE

✔️ Covered if liability exists on date of presentation
(Sampelly Satyanarayana Rao, 2016)

❌ Not covered if no enforceable liability

🟤 STATUTORY NOTICE

✔️ Unclaimed / refused = deemed service
(C.C. Alavi Haji, 2007)

✔️ Actual service not mandatory if avoidance proved

🟥 LIMITATION & MULTIPLE DISHONOUR

✔️ Fresh cause of action on every dishonour
(MSR Leathers v. S. Palaniappan, 2013)

🟧 SECTION 141 – COMPANY OFFENCES

Mandatory Conditions

  1. Company must be arraigned

  2. Specific averment: “in charge of & responsible”

📌 Key cases:

  • SMS Pharmaceuticals (2005)

  • Aneeta Hada (2012)

➡️ MD / Joint MD → Deemed liable

🟩 TERRITORIAL JURISDICTION

✔️ Place of payee’s bank
(NI Amendment Act, 2015)

✔️ Overruled Dashrath Rupsingh Rathod

🟦 PROCEDURAL POWERS

Section 143A – Interim Compensation

✔️ Up to 20%
(G.J. Raja, 2019)

Section 148 – Appellate Deposit

✔️ Minimum 20%
(Surinder Singh Deswal, 2019)

🟨 IBC & NI ACT

✔️ Proceedings stayed against company
✔️ Can continue against directors
(P. Mohanraj v. Shah Brothers, 2021)

🟪 OTHER HIGH-YIELD POINTS

✔️ Time-barred debt → Covered
(A.V. Murthy, 2002)

✔️ Death of accused → Proceedings abate

✔️ Power of Attorney complaint → Permissible
(A.C. Narayanan, 2014)

✔️ Nature of offence → Quasi-criminal

✔️ Compounding → Section 147
(Damodar S. Prabhu, 2010)

🧠 EXAM GOLDEN RULE

Section + Principle + 1 Supreme Court case + Conclusion = Full mark

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