AVNEET BEDI Vs. RELIANCE CAPITAL LIMITED, LALBAGH COURT

JUDGEMENT

(1.) Petitioner-accused 3 in these petitions, who is the respondent in the complaint filed under Section 200 of Criminal Procedure Code, 1973 for the offence punishable under Section 138 of the Negotiable Instruments Act, 1881 (for short, 'the N.I. Act') is before this Court for quashing of said proceedings.

(2.) Respondent, in these petitions, had filed a complaint under Section 200 of Cr. P.C. read with Sections 138 and 142 of the N.I. Act contending inter alia that it is a non-banking financial company and during the course of its financial services, it has extended loan facilities to the accused persons for purchase of construction equipment for their business operations and they had agreed to repay the loan in equated monthly installments by executing the loan agreements and for repayment of said loan, cheques had been issued by them, which was presented to its Bank, has been returned with an endorsement 'funds insufficient' and as such, a notice under Section 138(b) of the N.I. Act was issued demanding payment which has not been complied with and as such, the accused have committed an offence punishable under Section 138 of the N.I. Act and sought for being tried for the said offence and also sought for payment of compensation out of fine amount that may be levied as contemplated under Section 357 of Cr. P.C.

(3.) Petitioner having entered appearance pleaded not guilty and trial has commenced. In the midst of cross-examination of the complainant witness, petitioner-accused 3 is before this Court for quashing of said proceedings.