K. A. SURESH SHETTY Vs. B. S. NATARAJA

JUDGEMENT

(1.) This Criminal Revision Petition is directed against the judgment dtd. 9/10/2017 passed in Crl.A.No.979/2016 by the LXII Additional City Civil and Sessions Judge, Bengaluru wherein conviction of the petitioner by judgment dtd. 4/8/2016 passed in C.C.No.34328/2014 by the XIII Additional Chief Metropolitan Magistrate, Bengaluru for offence punishable under Sec. 138 of the Negotiable Instruments Act, 1881 (hereinafter referred to as " N.I Act " for brevity) and sentenced to pay fine of Rs.3,00,000.00 and in default to undergo simple imprisonment for a period of 06 months has been affirmed.

(2.) Heard learned counsel for the petitioner. Learned counsel for the respondent is absent.

(3.) The case of the respondent -complainant before the trial Court is that the respondent -complainant and the petitioner are known to each other since several years. The accused was facing financial problems and as such he approached the complainant and requested to pay a sum of Rs.2,75,000.00 (rupees Two Lakhs Seventy Five Thousand only) as hand loan to meet his financial problems. The complainant has advanced a sum of Rs.2,75,000.00 (rupees Two Lakhs Seventy Five Thousand only) by way of cash on 24/10/2008. At the time of borrowing said loan, the accused had assured that he will repay the said amount along with interest at the rate of 18% p.a. within two years from the date of borrowing. The petitioner -accused executed On Demand Promissory Note and Consideration Receipt on 24/12/2008 for Rs.2,75,000.00 (rupees Two Lakhs Seventy Five Thousand Only) in favour of the complainant. Thereafter, the accused has paid interest on the principal amount till December-2010 and thereafter, he has not paid principal amount nor interest amount. Thereafter, the accused has paid a sum of Rs.75,000.00 (rupees Seventy Five Thousand only) during the month of July-2012 towards part payment of principal amount. The accused has issued two cheques for Rs.1,00,000.00 each both dtd. 7/8/2014 bearing Nos. 031071 and 031069 drawn on Syndicate Bank, Rajajinagar, Bengaluru. The complainant presented those two cheques for encashment and they returned with an endorsement as "funds insufficient" on 9/8/2014. The complainant intimated regarding dishonour of cheques to the accused. The petitioner -accused requested the complainant to present said cheques again after one month. The complainant presented said cheques again on 18/9/2014 and said cheques came to be dishonoured with an endorsement "account closed". The complainant got issued legal notice to the accused on 16/10/2014 by RPAD calling upon the petitioner -accused to pay cheques amount. The said notice has been served on the petitioner -accused on 17/10/2014. The petitioner -accused has not paid amount of cheques, therefore, the respondent - complainant has initiated proceedings against the petitioner -accused for offence punishable under Sec. 138 of the N.I Act.