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2015 (9) TMI 1746 - SUPREME COURTDishonour of Cheque - insufficient funds - existence of legally enforceable debt or not - acquittal of Respondents on the ground that the Appellant did not institute the case against the partnership firm i.e. M/s. Shah Enterprises - HELD THAT:- From a bare reading of Section 138 of the NI Act, the first and foremost essential ingredient for attracting a liability under this Section is that the person who is to be made liable should be the drawer of the cheque and should have drawn the cheque on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for discharge, in whole or part, of any debt or other liability. The High Court has correctly come to the conclusion that the liabilities of M/s. Shah Agencies were never taken over by M/s. Shah Enterprises. Therefore, the reasoning given by the High Court is absolutely flawless and we find no ground to interfere with the concurrent findings of the Trial Court and the High Court. Appeal dismissed.
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