Revisiting "Legally Enforceable Debt" & "Security" Under The Negotiable Instruments Act, 1881

In the recent judgment by the Hon'ble Supreme Court of India - Sunil Todi vs State of Gujarat[1], the Court rendered clarity inter-alia on whether the dishonour of cheque furnished as "security" would be covered under the provisions of Section 138 of the Negotiable Instruments Act, 1881 ("NIA"). This article highlights certain key aspects...