VISHNU AGGARWAL Vs. JEEVAN RAM MANOJ KUMAR

JUDGEMENT

(1.) The petitioner has impugned an order dated 15.04.2015 whereby the Ld. Metropolitan Magistrate has dismissed his complaint under section 138 of the Negotiable Instruments Act, 1881 (in short 'the Act').

(2.) It is the appellant's case that the respondent owed him an amount of Rs. 60 lacs for which 17 post-dated cheques were issued; 16 cheques of Rs. 5 lacs each and one cheque for Rs. 3 lacs. These cheques were encashable every successive month. The petitioner's complaint under sections 138 and 142 of the Act stated that the said amount was taken by M/s Jeevan Ram Manoj Kumar and Smt. Brij Bala in her capacity as its proprietor, therefore, she had issued the said cheques as security and promise for return of the monies. The petitioner had alleged that the entire amount was taken from the complainant in cash as a loan on interest by the accused persons, i.e. the proprietorship firm through its proprietor Smt. Brij Bala. The principal amount was to be repaid alongwith the interest accrued thereon, but no repayment was made. Later, a settlement was entered into with the accused persons, and the aforesaid cheques were issued as a result of the understanding in the settlement. Upon presentation, all the cheques were dishonoured. However, the cheque of Rs. 3 lacs was never presented, since an equivalent amount had been received in cash from the accused persons. A legal notice was issued on 20.01.2006. It was not responded to. Therefore, a clear presumption arose that the cheques were issued against the debt or some other liability. The said presumption has not been rebutted under section 139 of the Act.

(3.) The learned counsel for the petitioner also submits that initially an amount of Rs. 10 lacs was invested by the appellant in the year 1992 @ 18% p.a. The suit was filed in the year 2007 by which time along with compound interest, the repayable amount rose to Rs. 60 lacs. However, on the basis of the compromise entered into between the accused persons, the outstanding dues was reduced to Rs. 43 lacs. The total of the amounts mentioned in the 17 cheques issued by the respondent is testimony of the fact that the settlement was for repayment of Rs. 43 lacs.