PRAVEEN CAPITAL PRIVATE LIMITED Vs. ABDUL KHADER

JUDGEMENT

(1.) This appeal is filed by the complainant in C.C. No. 1024/2014 on the file of the V-JMFC., Mangalore, wherein, the trial Court by judgment dated 12.02.2019 acquitted the respondent/accused of the offence punishable under Section 138 of Negotiable Instruments Act, 1881 (hereinafter referred to as 'the N.I. Act' for Short).

(2.) I have heard the learned counsel appearing for the appellant/complainant and the learned counsel appearing for the respondent/accused.

(3.) It is the case of the complainant that the accused approached the complainant at its office and applied for vehicle loan for his Indica Taxi Model 2007 bearing Reg. No. KA-19-B-8392. After processing the loan application, a sum of Rs. 80,000/- was advanced on 06.07.2013 to the accused. The accused entered into an agreement with the complainant to repay the loan amount in monthly installments. In this regard, he issued a cheque bearing No. 899844 for a sum of Rs. 80,923/- dated 07.05.2014 drawn on Indian Bank, Pumpwell Junction, Mangalore. When the said cheque was presented for encashment on 07.05.2014, it was dishonored with an endorsement 'Funds Insufficient'. A legal notice dated 13.05.2014 was issued to the accused calling upon him to pay the amount covered under the dishonored cheque. Though the notice was served on 16.05.2014, the accused failed to pay the amount within the stipulated time and therefore, the accused committed an offence punishable under Section of 138 of N.I Act.