SANDIP VINODKUMAR PATEL Vs. STCI FINANCE LTD.

JUDGEMENT

(1.) The present petitions are filed seeking quashing of the summoning orders dtd. 18/1/2024 in CC No. 163318/2023, 7/2/2024 in CC No. 7054/2023 and 7/2/2024 in CC No. 10565/2023. The petitioners are also seeking the consequential relief of quashing of the aforesaid complaint cases filed under Sec. 138 of the Negotiable Instruments Act, 1881 ('NI Act') read with Ss. 141/142 of the NI Act.

(2.) The complaints were filed alleging that the management of Sadbhav, along with the petitioners herein, approached the respondent company/STCI for availing corporate loan to the tune of Rs.50.00 crores. It is alleged that on 30/3/2021, the loan facility agreements were executed and the amount of ?50 crores was disbursed to Sadbhav on 31/3/2021. Post-dated cheques were thereafter handed to the complainant towards payment of interest and re-payment of the principal loan amount.

(3.) It is alleged that on presentation for clearance, all the cheques were returned with the remark - "Funds insufficient". Separate complaints were filed by the complainant for dishonour of cheques under the respective Loan Agreements.