DALJEET SINGH CHANDOK Vs. STATE

JUDGEMENT

(1.) This petition under Section 482 of the Code of Criminal Procedure has been filed for quashing summoning order dated 4.3.1996 passed by learned Metropolitan Magistrate in a complaint case under Section 138 of the Negotiable Instruments Act. There is also prayer for quashing the complaint and the proceedings emanating therefrom.

(2.) I have heard Mr. Vijay Aggarwal, learned Counsel for the petitioner and Mr. Sanjeev Anand, learned Counsel for respondent No. 2 (complainant) on the point of admission and have gone through the impugned order as also copies of the documents placed on the file.

(3.) Briefly the facts are that petitioner and others approached the complainant company for availing "inter-corporate deposit" of Rs. 50 lacs for a period of 82 days for commercial purposes. The said request was considered and the deposit of Rs. 50 lacs was given on 13.9.1995 against promissory note and receipt executed by the accused company. The company also handed over two post-dated cheques on the said date with a clear stipulation that the said cheques would be honoured positively on presentation. Cheque No. 016303 dated 4.12.1995 was for Rs. 50 lacs while cheque No. 016304 dated 4.12.1995 was for Rs. 2,07,584/- as interest amount on maturity.