NITHYANAND MAHADEV BHAT Vs. MANOJ VINAYAK PANDIT

JUDGEMENT

(1.) This revision petition is directed against the concurrent findings of the Courts below, holding the petitioner guilty of the offence punishable under Section 138 of the Negotiable Instruments Act (hereinafter called as N.I. Act).

(2.) The complainant is the proprietor of V.S.P. Capital and Finance, a registered proprietary concern involved in money lending business. The case of the complainant is that the accused availed a loan of Rs.1,50,000/- on 10.01.2000 and in repayment thereof, issued a cheque bearing No.007489 drawn on Syndicate Bank for Rs.1,40,606/-. The said cheque when presented for encashment came to be dishonoured for the reason "funds insufficient". The complainant caused a notice to the accused demanding payment of the cheque amount. The accused received the notice without demur, but failed to comply with the demand and hence, the complainant initiated action under Section 138 of the N.I. Act.

(3.) Before the Trial Court, the complainant examined himself as P.W.1 and produced the original cheque Ex.P-1, Bank endorsement Ex.P-2, copy of the legal notice Ex.P-3, postal acknowledgment Ex.P-4 as well as the documents executed by the accused at the time of availing the loan namely the pro note, Form No.VI, Form No.V, loan ledger extract, money lending licence as Ex.P-5 to Ex.P-10. The accused examined himself as D.W.1 and took up a plea that he had borrowed a sum of Rs.1,50,000/- from the V.S.P. Capital and Finance and the same was repaid on 10.01.2000 and therefore, there was absolutely no necessity for the accused to avail Rs.1,50,000/- loan on 10.01.2000 as contended by the complainant. Further, the accused set up a plea that the cheque which was issued by him to the complainant at the time of availing the loan on 07.12.1999 was retained by the said V.S.P. Capital and Finance and the same is made use of to lay a false claim against the accused.