Assignment

Subject: Business law

Date: 29-11-2010

Submitted TO: - Submitted BY:-

Mr. Nitin khare 09-ait-mba-054

Pradeep Shekhawat

Ans.1. The remedy can availed by metso under the above provision sec.92 and
sec.138 at the negotiable instrument act deal with dishonor of cheque for
insufficiency of fund. They can also file a suit against any one partner.
Ans. 2 Demand notice can be send in 30days.its limitation is provided by law.
they can send on before 3rd December,2010.

Ans. 3 After receiving the demand notice the cheque issuing party has 15 days
within which he is liable to pay the amount of cheque due, if the party doesn’t
repays the amount to the holder of cheque he may also initiate court proceeding
against the issuer. In the case study the mesto can similarly initiate court
proceeding only after the expiry of 15 days demand notice to the firm.

Ans. 4 The maximum period available to metso corp. to institute a complain is

one month after the expiry of this month which start from the expiry of 15 days.

Ans. 5 Required condition of negotiable instrument:

1. Cheque must be presented within six month of issue.
2. The holder shall make a demand for payment of said amount within 30
days of honour.

3. The drawer is unable to pay within 15 day of the demand notice