LALIT KUMAR SHARMA Vs. STATE OF U P

JUDGEMENT

(1.) Leave granted.

(2.) Application of Section 138 of the Negotiable Instruments Act, 1881 (for short "the Act") in the facts and circumstances of the case is involved in this appeal which arises out of a judgment and order dated 19-02-2007 passed by the High Court of Judicature at Allahabad in Criminal Revision No. (5) of 2003.

(3.) M/s. Mediline India (P) Ltd. is a company registered and incorporated under the Companies Act, 1956. It had two directors, viz., Shri Ashish Narula and Shri Manish Arora. The Company took loan for a sum of Rs. 5,00,000/-. Two cheques bearing Nos. 0989637 dated 30-11-1999 and 0989638 dated 10-12-1999 for Rs. 3,00,000/- and Rs. 2,00,000/- respectively were drawn on Vijaya Bank, Navyug Market, Ghaziabad in favour of the respondent No. 1. On presentation, they were returned unpaid with the remarks "insufficient fund".