https://www.taxtmi.com/caselaws?id=802360 An asset reconstruction company acquiring a financial asset may be substituted as complainant in a pending cheque-dishonour prosecution under Section 5 of the SARFAESI Act; the provision is not confined to civil proceedings. Section 142 of the Negotiable Instruments Act restricts cognizance to complaints by the payee or holder in due course. Although the payee's identity is fixed when the cheque is drawn, an assignee acquiring the cheques and associated rights for consideration may be treated as a holder in due course without formal endorsement and continue the prosecution in its own name. en-us Mon, 03 Aug 2026 00:00:00 +0530 Thu, 05 Nov 2026 07:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802360 An asset reconstruction company acquiring a financial asset may be substituted as complainant in a pending cheque-dishonour prosecution under Section 5 of the SARFAESI Act; the provision is not confined to civil proceedings. Section 142 of the Negotiable Instruments Act restricts cognizance to complaints by the payee or holder in due course. Although the payee's identity is fixed when the cheque is drawn, an assignee acquiring the cheques and associated rights for consideration may be treated as a holder in due course without formal endorsement and continue the prosecution in its own name. Case-Laws Indian Laws Mon, 03 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802360