I am a lawyer who has just started practicing with a banking institution. I am a bit confused about the nature of the Negotiable Instruments Act, 1881 and would be glad if experts here can solve my queries:
1. What is the nature of the Act, is it substantive, procedural or a mixture of both. More so, is it civil substantive, civil procedural, criminal substantive or criminal procedural, also if the provisions of the act can be categorised thereof.
2. What was the purpose of the statute?
3. What are the provisions in the Act that relates to the compliance of the decision (order, judgment, decree)?
4. In case of non- compliance what are the remedies available under the Act? (Relevant provisions)
5. Which are the courts that have jurisdiction under the Act? What is the territorial and pecuinary jurisdiction of such courts? Which is the Original, Appellate and Revisional forrum under the Act?
6. Who has a locus standi under the Act? Who can initiate an action and against whom can an action be taken (Relevant provisions)?
Thanks and Regards