Supreme Court of India
Punjab and Sindh Bank v. Vinkar Sahakari Bank Ltd. and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the aforesaid reasons we allow this appeal and set aside the impugned judgment.
Judgment, page 8
From the headnote
Negotiable Instruments Act, 1881-Sections 4, 5, 6, 17, 50, 118(g), 131A and 138-Pay order whether a cheque-Held pay order is a cheque since it is closer to a Bill of Exchange because of the unconditional order of the maker to pay a certain sum to the person concerned. Banking Practice : Holder in due course-Holder of pay order could be holder in due course unless the presumption is rebutted-Evidence Act, 1872, Section 114. Certain pay order was dishonoured by the drawer bank. The holder of the pay order filed a complaint under section 138 of the Negotiable Instruments Act, 1881. Single Judge
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