VEDAVAAG SYSTEMS LTD Vs. RICOH INDIA LTD

JUDGEMENT

(1.) The present petition U/s 482 Cr.P.C . has been filed by the petitioners with the following prayers :

(2.) On 10.12.2014, petitioner No. 1 had placed an order for procurement of IT equipments worth Rs. 46,41,40,968/- with the respondent company. According to the petitioner No. 1 two undated cheques worth Rs. 23,20,70,484/- each were issued by the petitioner company as security alongwith purchase order. According to the petitioner No. 1 it was decided that the payment was to be made in 24 monthly installments as per purchase order and in case of nonpayment of two consecutive installments the security cheques were liable for deposits. On 12.12.2014, petitioner No. 1 wrote a letter to the respondent that the respondent has to take back the material in case petitioner No. 1 is unable to sell the material in the market during these two years of payment schedule in lieu of payment. According to petitioner No. 1 on 31.05.2015, a notice of assignment of debt was sent by respondent to petitioner No. 1 intimating that debt of Rs. 45,12,48,163/- has been assigned to Citibank.

(3.) On the other hand, according to the respondent, petitioner No. 1 herein gave two cheques amounting to Rs. 23,20,70,484/- each to the respondent in discharge of its liabilities in respect of purchase order dated 10.12.2014. As per schedule 1 of the said purchase order if the petitioner No. 1 failed to make payment of two consecutive installments, the respondent could deposit the said cheques to recover the debt.