HAVYAKA FINANCE LIMITED Vs. SANDEEP KUMAR SHETTY V.

JUDGEMENT

(1.) The appellant has preferred this appeal against judgment of acquittal passed by the Principal Senior Civil Judge and JMFC, Bantwal, D.K., Mangaluru, in CC No.24 of 2010 dtd. 10/10/2013 (for short "the trial Court").

(2.) For the sake of convenience, the parties herein are referred to as per their status before the trial Court.

(3.) The brief facts leading to this appeal are that the complainant has filed a complaint under Sec. 200 of Code of Criminal Procedure, for the offence punishable under Sec. 138 of the Negotiable Instruments Act, 1881. It is alleged by the complainant that one Padmanabha S/o Rama Poojary borrowed loan of Rs.48,000.00 from the complainant in the month of October, 2002 for his domestic necessities. The complainant sanctioned the loan to Padmanabha on 30/10/2002 at the rate of interest 16% per annum. The loan transaction is numbered as PL/63/2002. The accused and one Ishwara S. stood as co-obligants to the loan borrowed by Padmanabha. The accused is jointly and severally liable for the said loan along with principal borrower and another co-obligant. The loan so borrowed was not repaid. When Sri Subrahmanya Shastry, Manager of the complainant-Finance Company of Vitla Branch, approached the accused in his residence on 14/9/2005, the accused has issued a cheque for Rs.71,040.00 inclusive of interest in favour of SCDCC Bank Ltd., Vitla Branch bearing Cheque No.0414121. When the cheque was presented for encashment, the cheque was dishonored with an endorsement "Funds insufficient".