VIKAS VIJ Vs. RAJIV MARWAH

JUDGEMENT

(1.) IN January 2005 the respondent no. 1 entrusted 4 diamonds for sale to the petitioners. Petitioners failed to make payment for the diamonds and even failed to return the same.

(2.) ON 17. 5. 2005 a memorandum of understanding was entered into between petitioner No. 1 and respondent No. 1 under which petitioner No. 1 agreed to pay, as price of the diamonds, Rs. 34,70,000/- to the respondent No. 1.

(3.) PURSUANT to the aforenoted memorandum the petitioners issued two cheques, dated 5. 8. 2005 and 5. 2. 2006 in sum of Rs. 1,70,000/- and Rs. 5,50,000/-respectively to respondent No. 1 which were dishonoured when presented for encashment.