INNOVATIVE STUDIOS PVT. LTD. Vs. SHREE DHANVANTRI STEELS

JUDGEMENT

(1.) The petitioners are before this Court seeking for the following reliefs;

(2.) The petitioner No.1 is a company incorporated and registered with the Registrar of Companies, the petitioner No.2 is the Managing Director of Petitioner No.1. The respondent is the complainant in PCR No.16559/2011 filed against the petitioners herein under Sec. 138 read with Sec. 142 of the Negotiable Instruments Act, 1881. A sworn statement being recorded, Magistrate having taken cognizance on 28/11/2023 issued summons to the petitioner. Subsequently, thereto, the petitioners entered appearance.

(3.) A memo was filed by the complainant wherein the petitioners have acknowledged the debts and agreed/ undertaken to make payment of due amount with 24% interest per annum in monthly instalments. Subsequent thereto, the matter was adjourned, and in Lok Adalat, a joint memo was filed and accepted vide order dtd. 22/12/2011, recording that after negotiation, the matter was settled for the cheque amount with interest at 24% per annum.