DINESH KUMAR PANDEY Vs. SINGH FINLEASE PVT. LTD.

JUDGEMENT

(1.) These petitions under Sec. 528 Bharatiya Nagarik Suraksha Sanhita, 2023["BNSS"]impugn the complaints under Ss. 138 and 141 of the Negotiable Instruments Act, 1881,["the NI Act"]instituted by the Respondent, a NonBanking Financial Company, in relation to loan facilities extended to two private limited companies. The Petitioner, who was a director of the borrower companies at the time of sanction and execution of the loan agreements and related documentation, has been arrayed as an accused in each complaint. He contends that, having resigned from the Board prior to dishonour of the cheques and the alleged commission of the offence under Sec. 138 NI Act, he cannot be held vicariously liable under Sec. 141, and that the summoning orders and consequential proceedings against him deserve to be quashed.

(2.) The Respondent, a NBFC, is engaged in advancing loans and other financial facilities. It asserts that it sanctioned and disbursed loan facilities to the following borrower companies:

(3.) The loan amounts were to be repaid in equated monthly instalments with interest, in terms of the respective amortisation schedules. The Respondent alleges that the cheques issued towards discharge of these liabilities were dishonoured on presentation with the remark "funds insufficient". Statutory demand notices under Sec. 138 NI Act were issued on 22/3/2024 and dispatched on 1/4/2024. As the borrower companies and the accused persons did not make payment within the statutory period of 15 days, the Respondent instituted the present complaints under Sec. 138 NI Act against the companies, the Petitioner, and other accused.