Crux of sections 15, 56, and 138 of Negotiable Instruments Act, 1881 [NI Act] emphasized by the Hon’ble Supreme Court of India
Vijay M. Sachiv
The Hon’ble Supreme Court of India pronounced the Judgement on October 11, 2022 in Criminal Appeal No. 1497 of 2022 in case of Dashrathbhai Trikambhai Patel vs. Hitesh Mahendrabhai Patel & Anr emphasizing importance of sections 15, 56 and 138 of NI Act.
Initially, I frame out the basics of NI Act for valued Readers.
1. Introduction of NI Act, 1881
The very purpose of Negotiable Instruments is to avoid the carriage of higher amount of money and thereby to reduce the risk of theft, robbery, etc. To give legal effect to Negotiable Instruments there is legislation named as ‘The Negotiable Instruments Act, ” The said Act was enacted in India in 1881 during the British Rule.
Negotiable Instrument is a piece of paper which entitles a person to a sum of money and which is transferable from person to person by endorsement and delivery. The .......