The pay date for interest on bonds of a company was 11th April 2012. Penal interest is payable for delayed payment. The company despatched a cheque on 7th April 2012 (as evidenced by the postmark on the envelope). The cheque was received on 16th April 2012.
Under Indian law what would be the deemed date of receipt of the cheque which was posted on 7th April 2012 and under what statute would the these provisions be?
