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M/S. Modi Cements Ltd vs Shri Kuchil Kumar Nandi on 2 March, 1998

In the case of NEPC Micon Ltd. & Ors. Vs. Magma Leasing Limited10, following the three-Judge Bench judgment in the case of Modi Cements Ltd. V. Kuchil Kumar Nandi11, wherein it was enunciated that, return of the cheque on account of stop payment instruction will not preclude an action under Section 138 of the N. I. Act, 1881, the Supreme Court held that, when the cheque is returned by a bank with an endorsement "account closed", it would amount to returning the cheque unpaid because "the amount of money standing to the credit of that account is insufficient to honour the cheque" as envisaged in Section 138 of the N. I. Act, 1881.
Supreme Court of India Cites 7 - Cited by 411 - S P Kurdukar - Full Document
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