In Brief
A company (Moser Baer) supplied solar cells to Photon Energy Systems and received a cheque for Rs. 3,21,53,903. Before presentation, mutual settlement reduced the liability to Rs. 2,87,09,640. The cheque bounced; the company issued a demand notice for the settled amount but filed a cheque-dishonour complaint for the original cheque amount. The High Court quashed the complaint, finding the mismatch problematic. On appeal, the Supreme Court declined to decide the underlying legal question but disposed of the case through settlement, directing payment of Rs. 1,80,00,000 in monthly instalments with the complaint to be quashed upon full payment by March 2017.
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