Dishonour of Cheque - Account closed -Such dishonour would be considered a dishonour within the meaning of section 138 NI Act

Negotiable Instruments Act, 1881, Section

138 - Dishonour of Cheque - Account closed

Only submission that since the cheque

note 'account was returned with the

closed', section 138 Negotiable

Instruments Act would not be attracted -

Can not be accepted - Supreme Court in the

case of NEPC Micon Ltd. and others v.

Magma Leasing Ltd. has held that such

a considered would be dishonour

within the meaning of section

138 of Negotiable Instruments Act.