High Court Quashes Proceedings: No Existing Debt or Liability When Cheque Issued as Security u/s 138.

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....Offence under Section 138 of the Negotiable Instruments Act - dishonour of the cheque - the cheque in question was nothing but a security without any subsisting debt or liability as on the date of handing over of the cheque. The liability to pay an amount of ₹ 76 lac and odd could be said to have been incurred by the accused over a period of time in the course of the business transactions - Proceedings quashed - HC....