YASHOVARDHAN BIRLA Vs. CECIL WEBBER ENGINEERING LTD.

JUDGEMENT

(1.) This petition has been filed seeking quashing of complaint qua the petitioner, being C.C. No.515453/2016 P.S. Rajendra Nagar pending in the court of Ld. MM, Tis Hazari Court, New Delhi and for setting aside order dtd. 6/7/2017 by which Crl. Rev. No.219/2017 filed by petitioner was dismissed by the Ld. Special Judge (PC Act), CBI-08, Central District, Tis Hazari Court, New Delhi.

(2.) The said complaint was filed under Sec. 138 read with Sec. 141 and 142 of the Negotiable Instruments Act, 1881 against the principal accused M/s Birla Cotsyn (India) Ltd. (A-l) an incorporated company with its registered office at Mumbai. Its Managing Director, Mr. P.V.R. Murthy, who is also a signatory to the cheque in question, has been arrayed as A-2 while the Directors of A-1, who are stated to be in charge and responsible for the conduct of day-to-day affairs of the accused company, have been arrayed as A-3 to A-8. The gravamen of the complaint was that the accused company had approached the complainant company (M/s. Cecil Webber Engineering Ltd.) for advancement of a business loan of Rs.5.00 crores as an Inter Corporate Deposit (ICD). The said loan was advanced on mutually agreed terms, and in discharge of its liability the accused company issued a cheque for Rs.5.00 crores with the assurance that the same would be honoured. The said cheque, on presentation, was dishonoured vide cheque returning memo dtd. 27/7/2012 with remarks "insufficient funds". Thereafter, pursuant to legal notices, the said complaint was lodged under Sec. 138 NI Act.

(3.) As per the summoning order dtd. 9/11/2012, summons were issued to all accused, including A-1 (the accused company) and A-2 to A-8. During the pendency of the complaint, A-4 to A-8 were dropped from the array of accused by the complainant on the ground that the complainant "does not want to prosecute them". This was recorded in the order dtd. 31/8/2015 by the Ld. MM. The proceedings continued with respect to A-1 to A-3.