SHYAM S. BAGESHRA Vs. STATE NCT OF DELHI

JUDGEMENT

(1.) Worlds Window Impex (India) Pvt. Limited, incorporated under the provisions of Companies Act, 1956, preferred a complaint against Rathi Steel And Power Limited and its Directors- Mr. Sumit Dass and Mr.Shyam S. Bageshara under Sections 138/141/142 of Negotiable Instruments Act, 1881. The complainant-company is engaged in the business of import and trading of ferrous, non-ferrous metals, precious metals and metal scrap whereas accused-company is a private limited registered company under the provisions of The Companies Act.

(2.) The complainant has alleged that the accused-company through its Director, petitioner herein, had approached the office of complainant on various occasions for supply of shredded steel scrap as per their business requirement and the material was promptly supplied as per demand. It is alleged that against supply of steel scrap against invoice bearing Nos.2080000493 and 2080000494 for a sum of Rs.1,14,62,732.27/- [as per agreed rate of Rs.23131.80 /MT dated 23.08.2013], payment was to be made immediately after supply of material. A few payments against these invoices were received, however, as per accounts maintained by the complainant-company, an amount of Rs.80,00,000/- along with interest @24% was shown due towards accused-company as on 08.05.2017.

(3.) It is alleged that against discharge of afore-noted due payment, the accused-company had issued cheque bearing No.000531 dated 27.12.2016 for Rs.80,00,000/-, drawn on Bank of Baroda, branch Gandhi Nagar, Ghaziabad while assuring the complainant-company that the same shall be honoured as and when presented in the bank. However, upon presentation of the cheque, the same was returned by the bank vide Memo dated 27.03.2017 with the remark "Account Blocked". The complainant sent a legal Demand Notice dated 12.04.2017 to the accused company and it was served upon the accused-company and the petitioner on the same day.