Petitioner Fails to Rebut Presumption of Debt u/s 118 of Negotiable Instruments Act; Cheque Dishonored for Insufficient Funds.

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....Dishonor of Cheque - Insufficiency of funds - The petitioner has not been able to discharge the initial burden on him to rebut the presumption under Section 118 of the N.I. Act. The fact that the petitioner took financial assistance from the respondent is admitted. The petitioner has not been able to show as to how there was no subsisting debt on the date when the cheques were dishonoured due to insufficiency of funds - HC....