Explain the following statements by giving brief reasons in the context of provisions contained under Banking Regulation Act and the prevelant banking practice by referring the provisions of Negotiable Instrument Act? (i

A contract with a minor is void as per Section 11 of the Indian Contract Act, 1872. This protection is given, to the minor to ensure that he will not incur any liability by way of debts. An insolvent is a person who is incapable of entering into contracts. As a minor cannot enter into a contract for debts he cannot be declared insolvent.