{"id":268605,"date":"2022-06-17T18:00:08","date_gmt":"2022-06-17T12:30:08","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=268605"},"modified":"2022-06-24T15:09:28","modified_gmt":"2022-06-24T09:39:28","slug":"post-dated-cheque-admission-of-date-negotiable-instruments-section-138-insolvency-bankruptcy-code-nclt-company-law-tribunal-legal-research-updates-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/17\/post-dated-cheque-admission-of-date-negotiable-instruments-section-138-insolvency-bankruptcy-code-nclt-company-law-tribunal-legal-research-updates-news\/","title":{"rendered":"Can post-dated cheque issued for repayment of principal amount be taken as unqualified admission of debt? NCLT Allahabad decides"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal, Allahabad (NCLT): <\/strong>The bench of \u00a0Rajasekhar V.K., Judicial Member and Virendra Kumar Gupta, Technical Member decided that for the purpose of repayment of principal amount, issuance of post-dated cheques by corporate debtor cannot be taken as unqualified admission of debt because the presumptions drawn under Sections 118 and 139 of the Negotiable Instruments Act, 1881 (NI Act), are rebuttable presumptions.<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Factual Background<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">An application was filed by financial creditors, Maya Goel and N. C. Goel seeking to initiate the Corporate Insolvency Resolution Process (CIRP) by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (IBC) against corporate debtor, Piyush Infrastructure India Pvt. Ltd. for a default of repayment of Rs 12,00,000\/- (excluding interest).<\/p>\n<p style=\"text-align: justify;\">The financial creditor submitted that they had given an amount of loan of Rs 12, 00,000\/- (in total) to the respondent between 2011- 16 with payable interest @18% p.a. The interest paid by the respondents till 04.06.2016 was Rs 18000\/- and post-dated cheques were also given for repayment of principal amount starting from 15.01.2018.<\/p>\n<p style=\"text-align: justify;\">The financial debtor, on the other hand, submitted that no interests were being paid and the transactions made during 2012-14 are default in nature. Therefore, it was claimed that the present application was barred by limitation. Further it was being submitted that since no interest was payable, the said transaction could not be considered as being in the nature of a financial debt within the meaning of section 5(8) of IBC.<\/p>\n<p style=\"text-align: justify;\">In the rejoinder the financial creditor submitted that they preferred an application under Section 138 of NI Act which is pending for adjudication before the appropriate legal authority. In respect of limitation, the application was maintainable as it is being claimed that the cheques were given from January 2018 till December 2018 which were dishonoured.<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Analysis and Decision<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">Firstly, the Bench noted that the question of limitation cannot be addressed as the absence of documentation cannot help in establishing the date of default. The date of default can only be calculated when the tenure of the loan is established, or when there is a demand for repayment. Hence the same cannot be determined. The Bench stated that<\/p>\n<blockquote><p>\u201cThe time value of money is an important factor to be considered in order to establish whether this is a financial debt.\u201d<\/p><\/blockquote>\n<p style=\"text-align: justify;\">Further, it was observed that it is not possible to establish the tenure for which the loan was granted, and whether there was any notice demanding payment of the loan in question. As regards the interest, except for two letters of corporate debtor, no other evidence showing receipt of such interest was brought on record. Therefore, the claims made regarding receipt of interest remained unsubstantiated.<\/p>\n<p style=\"text-align: justify;\">Holding that the post-dated cheques issued by the corporate debtor for repayment of principal amount cannot be taken to be unqualified admission of debt, the bench explained that,<\/p>\n<blockquote><p>\u201cIn summary jurisdiction, without adequate documentation, it is difficult to establish the purpose for which the money was lent and accepted. It is also not possible to establish whether there was any interest required to be paid. The time value of money is an important factor to be considered in order to establish whether this is a financial debt.\u201d<\/p><\/blockquote>\n<p style=\"text-align: justify;\">The bench was hence of the opinion that e<em>x facie<\/em>, the case at hand appeared to be a petition filed for recovery of money and not for resolution of the corporate debtor. It observed that,<\/p>\n<blockquote><p>\u201cThe Insolvency &amp; Bankruptcy Code, 2016, should not be allowed to be used as an easy way of recovery of money.\u201d<\/p><\/blockquote>\n<p style=\"text-align: justify;\">[N.C. Goel &amp; Maya Goel v. Piyush Infrastructure India Pvt. Ltd.; <a href=\"http:\/\/www.scconline.com\/DocumentLink\/zL59pQm2\">2022 SCC OnLine NCLT 159<\/a>; decided on 13-06-2022]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsels <\/strong><\/p>\n<p style=\"text-align: justify;\">For Financial Creditor- Advocates Atul Kumar Singh and \u00a0Sahil Garg<\/p>\n<p style=\"text-align: justify;\">For \u00a0Financial Debtor &#8211; Advocate Sanchit Garga,<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, Allahabad (NCLT): The bench of \u00a0Rajasekhar V.K., Judicial Member and Virendra Kumar Gupta, Technical Member decided that for <\/p>\n","protected":false},"author":67011,"featured_media":162604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[49736,31784,25934,31422,49735,22064,17041,49734,37265],"class_list":["post-268605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-admission-of-debt","tag-cheques","tag-financial-creditor","tag-financial-debt","tag-financial-debtor","tag-insolvency-and-bankruptcy-code","tag-negotiable-instruments-act","tag-post-dated-cheque-corporate-debtor","tag-section-138-of-ni-act"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can post-dated cheque issued for repayment of principal amount be taken as unqualified admission of debt? 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NCLT Allahabad decides"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","caption":"Editor"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_4\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":71821,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/20\/dishonour-of-post-dated-cheque-for-discharge-of-existing-liability-is-covered-by-section-138-of-the-negotiable-instruments-act-1881\/","url_meta":{"origin":268605,"position":0},"title":"Dishonour of Post-dated cheque for discharge of existing liability is covered by Section 138 of the Negotiable Instruments Act, 1881","author":"Prachi Bhardwaj","date":"September 20, 2016","format":false,"excerpt":"Supreme Court: In the matter where the question as to whether the dishonour of a post-dated cheque given for repayment of loan installment which is also described as \u201csecurity\u201d in the loan agreement is covered by Section 138 of the Negotiable Instruments Act, 1881, was before the bench of Dipak\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":364043,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/16\/rajasthan-hc-section-138-ni-act-on-cheque-for-time-barred-debt-revives-enforceability-under-contract-act\/","url_meta":{"origin":268605,"position":1},"title":"Cheque for Time-Barred Debt Revives Enforceability Under S. 25(3) Contract Act; Dishonour attracts Section 138 NI Act: Rajasthan High Court","author":"Editor","date":"October 16, 2025","format":false,"excerpt":"\u201cA meaningful reading of Sections 20, 118 and 139 of the NI Act makes it clear that a person who signs a cheque and delivers it to the payee remains liable unless he successfully rebuts the statutory presumptions.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Section 138 NI Act on Cheque for Time-Barred Debt","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Section-138-NI-Act-on-Cheque-for-Time-Barred-Debt.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Section-138-NI-Act-on-Cheque-for-Time-Barred-Debt.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Section-138-NI-Act-on-Cheque-for-Time-Barred-Debt.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Section-138-NI-Act-on-Cheque-for-Time-Barred-Debt.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":261869,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/17\/whether-a-decree-or-an-arbitral-award-or-a-settlement-deed-can-form-the-basis-of-a-financial-or-operational-debt-under-ib-code-part-iii\/","url_meta":{"origin":268605,"position":2},"title":"Whether a Decree or an Arbitral Award or a Settlement Deed can Form the Basis of a Financial or Operational Debt under IB Code [Part III]","author":"Bhumika Indulia","date":"February 17, 2022","format":false,"excerpt":"by Akaant Kumar Mittal\u00b1 Cite as: 2022 SCC OnLine Blog Exp 14","rel":"","context":"In &quot;Akaant Mittal&quot;","block_context":{"text":"Akaant Mittal","link":"https:\/\/www.scconline.com\/blog\/post\/category\/experts_corner\/individual\/akaant-mittal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-33.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-33.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-33.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-33.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-33.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":282241,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/23\/corporate-debtor-respondents-loan-agreement-financial-debt-demand-notice-section7-application-ibc-nclt-admited-appeal-challenging-order-dismissed\/","url_meta":{"origin":268605,"position":3},"title":"Deduction of TDS and deposit in Form 16-A under Section 194-A of Income Tax Act proves the deduction was TDS relating to &#8216;Interest other than interest on securities&#8217;: NCLAT observes","author":"Editor","date":"January 23, 2023","format":false,"excerpt":"In the instant matter an appeal was preferred against the order of NCLT admitting S. 7 IBC application or repayment of financial debt. Upholding the order of the NCLT, the Tribunal held that even if there is no proof of loan agreement other materials on record can prove the financial\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":264487,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/26\/national-company-law-tribunal-orders-insolvency-proceedings-against-supertech\/","url_meta":{"origin":268605,"position":4},"title":"National Company Law Tribunal orders insolvency proceedings against Supertech: Indebted and defaulted repayment of loan","author":"Bhumika Indulia","date":"March 26, 2022","format":false,"excerpt":"National Company Law Tribunal, New Delhi: The Coram of P.N. Prasad, Judicial Member and Rahul Bhatnagar, Technical Member, declared insolvency proceedings against the builder Supertech Limited. An application was filed to initiate the Corporate Insolvency Resolution Process against Supertech Limited under Section 7 of the Insolvency and Bankruptcy Code 2016\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":248324,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/17\/acknowledgment-of-debt\/","url_meta":{"origin":268605,"position":5},"title":"NCLAT | &#8216;Balance and Security Confirmation Letter&#8217; is sufficient &#8216;acknowledgement of debt&#8217; so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC","author":"Bhumika Indulia","date":"May 17, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an appeal filed against the order of the National Company Law Tribunal, Hyderabad (\"NCLT\"), whereby the NCLT had admitted an application filed by the Financial Creditor\u2212Punjab National Bank under\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/268605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=268605"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/268605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=268605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=268605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=268605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}