Hon’ble Sunil Hali, J.—Common questions involved in all the aforesaid applications relate to the question as to whether liability can be transferred to subsequent buyer of the company which has drawn cheques for discharge of its debt or liability under Section 138 of Negotiable Instruments Act (herein after referred to as N.I. Act). Since this question is involved in all the aforesaid applications, it is deemed proper to decide them by a common judgement.

In order to determine this issued Application under Section 482 No. 14646 of 2012 is taken as leading case and in order to appreciate the controversy involved certain facts are required to be noted for proper adjudication of the case, which is as under:

2. Vishal Retail limited is duly registered under the Companies Act having its registered and Corporate office at Plot No. 332, Near Telco Service Station, Behind Shokeen Farmlands, Rangpuri Extension, New Delhi. Applicants No. 1 to 3 are Directors of the Company. Respondent No. 2 (hereinafter called as the complainant) is in the business of Garment stitching and manufacturing of ready-made garments. Applicants accused had a running agreement with the complainant for stitch