RAJESH KUMAR GULATI Vs. NATIONAL AGRICULTURAL

JUDGEMENT

(1.) The petitioner has filed the present petition for quashing of the criminal complaints bearing No. 970/2017, 2654/2018, 1653/2017, 1654/2017 and 1463/2018 U/s 138 of the NI Act pending before Ms. Amardeep Kaur, Metropolitan Magistrate, Patiala House Courts, Delhi.

(2.) In brief, the facts of the case are that the respondent No. 2 company is engaged in trade and trading of various minerals and food-grains which are purchased from different countries. The petitioner was appointed a Director in the affairs of respondent No. 2 on 1.11.2003 and continued till 18.06.2010 when he tendered his resignation and completed all the formalities with the Registrar of Companies.

(3.) It is averred that pursuant to the agreement(s) between respondent No. 2 company and the respondent No. 1, respondent No. 2 company availed certain financial assistance from respondent No. 1. The repayments were scheduled to be provided in accordance with the agreed terms, as recognized in the Letters of Credit, opened by respondent No. 1 in favour of their beneficiaries. Towards its existing liabilities, the respondent No. 2 company provided 35 cheques at a value of Rs. 5.00 Crores each. Owing to the defaults committed by the beneficiaries and the beneficiary bank, respondent No. 2 company was unable to recover their dues.