ISHAR ALLOY STEELS LTD. vs JAYASWALS NECO LTD.

The Supreme Court clarified the interpretation of 'the bank' under Clause (a) of the proviso to Section 138 of the Negotiable Instruments Act, 1881, ruling that a cheque can be presented either to the drawer's bank or the payee's bank within six months of its issue. The Court upheld the Madhya Pradesh High Court's decision, which disagreed with the Punjab and Haryana and Gujarat High Courts, affirming that the date of presentation to either bank is relevant for the six-month period. Consequently, the Court dismissed the appellant's revision, affirming the applicability of Section 138 in this context.