ANSH CHUGH Vs. PRADEEP GUPTA

JUDGEMENT

(1.) The present proceedings are directed for quashing of Complaint Case No.8777/2017 and against order dated 12.07.2017 vide which the petitioner was summoned for the offence punishable under Section 138 N.I. Act.

(2.) Learned counsel for the petitioner submitted that the present case relates to dishonour of cheque bearing No.436505 dated 02.01.2017 for Rs.1,25,00,000/- drawn on State Bank of India, Saket, New Delhi.

(3.) He submitted that the aforesaid cheque was presented for encashment by the respondent on 17.04.2017, which was beyond the period of its validity. He has referred to the RBI notification NO.(RBI/2011-12)/251 dated 04.11.2011 whereby in exercise of power conferred under Section 35A of the Banking Regulations Act, 1949, the Reserve Bank directed that with effect from April, 1, 2012, Banks should not make payments of cheque/drafts/pay orders/banker's cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.