SHRIRAM TRANSPORT FINANCE COMPANY LIMITED Vs. IRASHADAAHMADA

JUDGEMENT

(1.) Though this appeal is listed for admission, with consent of both the parties, the matter is taken up for final disposal.

(2.) Heard Sri R.H.Angadi, learned counsel appearing on behalf o f appellant and Sri Shrishail M.Jatti, learned counsel appearing on behalf of respondent.

(3.) Brief facts leading to filing of this appeal are that, the appellant is the Complainant be fore the trial Court and had initiated a Complaint under Section 138 and 143 of the Negotiable Instruments Act (for short 'NI Act') against the respondent herein. The appellant is an Organization duly registered under the Indian Companies Act, 1956 and is carrying its business in the name and style as M/s Sri Ram Finance Co . Ltd, having its registered office at Chennai. It has got a branch at Mudhol and is represented by its Product Executive (Legal) of the concerned Branch. It is stated that the respondent had availed financial facility from the appellant to purchase TATA ACE vehicle bearing Registration No .KA48/ 2320 and accordingly the respondent after accepting financial facility had executed loan-cum-hypothecation agreement bearing No. MDOLBO 407230003 at Mudhol Branch along with relevant documents. Respondent did not repay the amount as agreed, he due to the tune of Rs.2 ,70,000/- towards repayment of installments, for which respondent issued cheque bearing No.101708 dated 07.09 .2017 drawn on Axis Bank, Saidapur Branch for a sum of Rs.2,70 ,000/-. Appellant presented the said cheque for encashment on 02.09 .2017 through its banker. The said cheque came to be dishonoured with an endorsement 'Account closed'.