My question is as follows;
I have read the judgement of Bombay High Court "Mr. Dinesh B. Chokshi vs Rahul Vasudeo Bhatt on 19 October, 2012, Bench: A.S. Oka, S.S. Jadhav" in that the dishonour of cheque issued for a time barred debt is an offence u/s138 NI Act. however I also read a contrary order of Karnataka High court
1. Is there any Supreme Court judgement similar to this or any judgement of Indore/Madhya Pradesh High Court?
2. how is a debt said to be time barred in the 2 belaow cases:
a) Suppose loan was given between 1995 to 1997 and subject cheque was issued in 2003 - but all through business returns were promised and the cheque issued in 2003 was for principal amount plus business returns. in such a case where the business returns are being continually added would the loan amount become time barred?
b) Suppose tthe loan was given between 1995 to 1997 and in 2000 a cheque was issued for the principal amount which was deposited on 10 MAY and dishonoured on 11 May 2000 and finally subject cheque was issued dated on 9 MAY 2003. - i] is it taken that the loan amount was acknowledged because of cheque issued in 2000?
ii] since the cheque was dishonoured on 11 May 2000, and subject cheque was issued on 9 May 2003 which is within 3 years, is it time barred?