LAWS(KAR)-2017-9-63

SPRINGTECH INDUSTRIES, BANGALORE Vs. PAVITHRA BANKERS AND ENTERPRISES

Decided On September 01, 2017
Springtech Industries, Bangalore Appellant
V/S
Pavithra Bankers And Enterprises Respondents

JUDGEMENT

(1.) Heard the learned Counsel for the petitioner and the learned Counsel for the respondent.

(2.) This petition is filed against the concurrent findings of the Courts below convicting the petitioner for the offence punishable under section 138 of the Negotiable Instruments Act, 1881 (for short 'N.I. Act' ). The petitioner is sentenced to pay a fine of Rs. 1,90,000/-, out of which, the sum of Rs. 1,80,000/- is ordered to be paid to the complainant as compensation and the remaining amount of Rs. 10,000/- is ordered to be remitted to the State by way of fine.

(3.) The case of the complainant-respondent is that he is running money lending business and in the course of transaction, the petitioner-accused requested for hand loan of Rs. 95,000/- and availed the same on 26.01.2011 and in repayment thereof, issued post dated cheque bearing No. 922584 dated 26.02.2011 drawn on Canara Bank, Hegganahalli Cross Branch, Bengaluru. When the petitioner-accused failed to pay the amount, the complainant-respondent presented the cheque for encashment, however, the same was returned dishonoured for the reason 'funds insufficient'. The complainant got issued legal notice dated 09.09.2011. In spite of service of notice, the petitioner-accused failed to comply with the demand. Hence, the complainant initiated action under section 138 of N.I. Act before the learned Magistrate.