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Assignment 2

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  • 1. Assignment 2Case Study :Shivgiri Associates, a partnership Firm with 5 partners entered into a businessarrangement with Metso Corporation for supply of oil drilling machines. Mr. C.Ravishankar and Mr. P.Reddy,two of the partners were given the authority by theFirm to enter into business arrangement, and conduct day to day affairs with MetsoCorporation regarding the aforesaid transaction. As part payment of the Firm’sliability, Mr. C.Ravishankar and Mr. P.Reddy issued a cheque dated 01st September2010 in favour of Metso Corp. for an amount of Rs 35 Lacs. The said cheque waspresented by Metso Corp to its banker, Citibank on 01 st November 2010. The chequewas returned by bank on 03rd November 2010 as unpaid on account of “FundsInsufficient”.Questions: 1. Under what provisions of Negotiable Instrument Act is the remedy available with Metso Corp against the Firm . Who all can be made liable by Metso Corp. for the offence under the case study. 2. Till which date can the demand notice be sent by Metso Corp to the Firm. 3. From which date, Metso Corp gets a right to institute a case under Negotiable Instrument Act. 4. What is the maximum period available for Metso to institute a complaint. 5. What is the essential condition required for a case under study not to fall within the purview of Negotiable Instrument Act. ___________________________________________________________________________________

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