https://www.taxtmi.com/caselaws?id=395572 The court dismissed the petition seeking to quash criminal complaints under Section 138 of the NI Act. It held that the adjustment of a significant amount received by the creditor against the outstanding debt was at the creditor's discretion in the absence of specific instructions from the respondent company. Emphasizing the creditor's right to apply payments as per Section 60 of the Indian Contract Act, the court found no grounds to quash the complaints, upholding the principle that in the absence of clear instructions, the creditor can adjust payments against any lawful debt due. en-us Wed, 27 May 2020 00:00:00 +0530 Fri, 29 May 2020 11:01:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395572 The court dismissed the petition seeking to quash criminal complaints under Section 138 of the NI Act. It held that the adjustment of a significant amount received by the creditor against the outstanding debt was at the creditor's discretion in the absence of specific instructions from the respondent company. Emphasizing the creditor's right to apply payments as per Section 60 of the Indian Contract Act, the court found no grounds to quash the complaints, upholding the principle that in the absence of clear instructions, the creditor can adjust payments against any lawful debt due. Case-Laws Indian Laws Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395572