Month
Arvind Singh Chauhan
(Querist) 18 July 2015
This query is : Resolved
Respected,
Sir please guide me. How three months time can be reckoned.
31+30+ 31= 92 days
or
30+30+30= 90 days
specially in NI Act.
Please refer the relevant law.
R.K Nanda
(Expert) 18 July 2015
ur lawyer find out ur self.
Rajendra K Goyal
(Expert) 18 July 2015
Section 23 of NI Act, -
23. Calculating maturity of bill or note payable so many months after date or sight
In calculating the date at which a promissory note or bill of exchange, made payable at stated number of months after date or after sight, or after a certain event, is at maturity, the period stated shall be held to terminate on the day of months, which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.
Illustrations
(a) A negotiable instrument dated 29th January, 1878, is made payable at one month after date. The instrument is at maturity on the third day after the 28th February, 1878.
(b) A negotiable instrument, dated 30th August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
(c) A promissory note or bill of exchange, dated 31st August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
THE SUPREME COURT OF INDIA in CRIMINAL APPEAL NO.1079 OF 2006 In the casemof ECON ANTRI LTD. Etc. VS. ROM INDUSTRIES LTD. & ANR. (SMT.) RANJANA PRAKASH DESAI, J. observed:
“ We hold that for the purpose of calculating the period of one month, which is prescribed under Section 142(b) of the N.I. Act, the period has to be reckoned by excluding the date on which the cause of action arose.”
