The Supreme Court in AIR 1998 SC 1057, popularly known as the Modi Cements Case, gave a landmark judgment on the law relating to “Stoppage of payment under the Negotiable Instruments Act. 1881.” The Division Bench (comprising of M. K, Mukherjee, S. P. Kurdukar and K. T. Thomas, JJ), while partly overruling its two earlier judgments on this point, laid down that once a cheque is issued by drawer, a presumption under Section 139 of Negotiable Instruments Act, in favour of holder must follow and merely because the drawer issues notice to drawee or to Bank for stoppage of payment, it will not preclude action for dishonour of cheque under Section 138, Negotiable Instruments Act, by drawee or holder of cheque in due course. It thereby overruled (on this point) AIR 1996 SCW 840 : 1996 Cri LJ 1692 and (1996) 6 SCC 369. In Electronics Trade and Technology Development Corporation Ltd. v. Indian Technologists and Engineers (Electronics) P. Ltd., AIR 1996 SCW 840 : 1 ....