https://www.taxtmi.com/caselaws?id=436730 The High Court held that a transaction involving lending money, supported by a promissory note and a cheque for repayment, constituted a legally enforceable debt under section 138 of the Negotiable Instruments Act. The Court determined that the absence of a money lending license did not render the debt unenforceable under the Bombay Money Lenders Act, particularly when the transaction was isolated and not part of a continuous money lending business. The accused was found liable under section 138 of the NI Act, fined Rs.8,00,000, with a portion to be paid to the complainant, and was spared from rigorous imprisonment. en-us Thu, 13 Apr 2023 00:00:00 +0530 Thu, 20 Apr 2023 08:45:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436730 The High Court held that a transaction involving lending money, supported by a promissory note and a cheque for repayment, constituted a legally enforceable debt under section 138 of the Negotiable Instruments Act. The Court determined that the absence of a money lending license did not render the debt unenforceable under the Bombay Money Lenders Act, particularly when the transaction was isolated and not part of a continuous money lending business. The accused was found liable under section 138 of the NI Act, fined Rs.8,00,000, with a portion to be paid to the complainant, and was spared from rigorous imprisonment. Case-Laws Indian Laws Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436730