NAVEEN A. V. Vs. SRINIVASA MURTHY S.

JUDGEMENT

(1.) This appeal is by the complainant challenging the acquittal of respondent/accused for the offence punishable under Sec. 138 of Negotiable Instruments Act, 1881 (for short 'N.I.Act') by the trial Court.

(2.) For the sake of convenience, parties are referred to by their rank before the trial Court.

(3.) Complainant filed the complaint against the accused alleging that in order to overcome his financial difficulties, accused approached complainant and borrowed a sum of Rs.4,50,000.00. Accused agreed to pay interest at the rate of 3% p.m. i.e, Rs.13,500.00 p.m. He also issued three cheques dtd. 5/11/2015 for Rs.2,00,000.00, Rs.1,50,000.00 and Rs.1,00,000.00. He also issued one more cheque for Rs.2,50,000.00 dtd. 5/11/2015 towards part payment of interest. Accused assured prompt payment of the amount on presentation of cheques to the bank. Complainant presented the cheque, through his banker. To his shock and surprise, they were dishonoured with endorsement "Funds insufficient". Complainant got issued legal notice dtd. 17/12/2015. Though it is duly served, accused has neither paid the amount nor sent any reply and hence the complaint.