Landmark case · Law of Banking and Negotiable Instruments · Semester 5

Kusum Ingots & Alloys Ltd. v. Pennar Peterson Securities Ltd.

(2000) 2 SCC 745 · Supreme Court of India

Section 138 requires a cheque drawn for a debt, presentation, dishonour, a valid notice and failure to pay within fifteen days; company officers are liable only as section 141 provides.

From topic

Ingredients of the offence and vicarious liability — Unit IV, Law of Banking and Negotiable Instruments.

Related sections:

Negotiable Instruments Act, 1881, 138 — Dishonour of cheque for insufficiency of funds
Negotiable Instruments Act, 1881, 139 — Presumption in favour of holder
Negotiable Instruments Act, 1881, 141 — Offences by companies
Negotiable Instruments Act, 1881, 142 — Cognizance of offences