https://www.taxtmi.com/caselaws?id=304250 A cheque issued and delivered as a promise to pay may support prosecution under Section 138 of the Negotiable Instruments Act even where the underlying debt is time-barred, because the promise can be enforceable under Section 25(3) of the Contract Act. The existence of a promissory note does not displace the statutory presumptions under Sections 118 and 139 once execution of the later cheque is admitted. Section 139 is also available to the payee, who is treated within the statutory concept of holder for a cheque made payable to him. The conviction was sustained, while the sentence was modified by reducing imprisonment and retaining compensation. en-us Wed, 27 Sep 2006 00:00:00 +0530 Thu, 15 Sep 2022 11:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304250 A cheque issued and delivered as a promise to pay may support prosecution under Section 138 of the Negotiable Instruments Act even where the underlying debt is time-barred, because the promise can be enforceable under Section 25(3) of the Contract Act. The existence of a promissory note does not displace the statutory presumptions under Sections 118 and 139 once execution of the later cheque is admitted. Section 139 is also available to the payee, who is treated within the statutory concept of holder for a cheque made payable to him. The conviction was sustained, while the sentence was modified by reducing imprisonment and retaining compensation. Case-Laws Indian Laws Wed, 27 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304250