RAJU Vs. SURESH

JUDGEMENT

(1.) Seeking quashing of the entire proceedings in C.C. No.606/2016 on the file of Civil Judge and JMFC, Hukkeri registered or the offence punishable under Sec. 138 of Negotiable Instruments Act (for brevity 'N.I. Act').

(2.) The brief facts of the case are that the respondent-complainant filed a private complaint in P.C. No.800/2014 on the file of Civil Judge and JMFC, Hukkeri against the petitioners for the offence punishable under Sec. 138 of N.I. Act. In the said complaint, it is stated that the respondent-Shri. Adinath Multipurpose Souharda Sahakari Limited had opened fixed deposit Accounts with the Belagavi Liberal Credit Souharda Cooperative Limited, Belagavi (for short 'the society') on 15/2/2012 for a period of one year for a sum of Rs.5.00 lakhs each i.e., total of Rs.10.00 lakhs. Upon maturity of the said fixed deposit the said society was liable to the pay to the respondent-complainant matured amount of Rs.17,10,000.00.

(3.) Petitioner No.1 on behalf of said society issued a cheque bearing No.030124 for a sum of Rs.15.00 lakhs dtd. 12/12/2013 towards payment of maturity amount. Upon presentation of the said cheque by the respondent-complainant with its banker, the same was dishonoured with an endorsement stating "Insufficient Funds".