MAS FINANCIAL SERVICES LIMITED Vs. STATE OF GUJARAT

JUDGEMENT

(1.) Present application for leave to appeal under Sec. 378(4) of the Code of Criminal Procedure ("Cr.P.C." for short) is filed by the applicant- original complainant against the judgment and order dtd. 1/1/2024 passed by the learned Additional Chief Metropolitan Magistrate, N.I. Act Court, Ahmedabad ("trial Court" for short) in Criminal Case No. 27959 of 2021, whereby the trial Court has acquitted respondent accused from the charges levelled against him under Sec. 138 of the Negotiable Instrument Act, 1881 ("N.I. Act" for short).

(2.) Heard learned Counsel appearing for the respective parties.

(3.) It is the case of the complainant that the complainant has given loan of Rs.79,000.00 to the respondent accused for the purpose of purchasing new vehicle and for that the respondent has executed an agreement with the complainant and also undertook that he will pay the installments regularly and in case of default, it is open for the complainant to initiate appropriate proceedings. Since the respondent was in default and therefore, the complainant has repossessed the vehicle and sold the same to the third party. Thereafter, the complainant has also initiated the proceedings under the provision of Sec. 138 of the N.I. Act by issuing statutory notice to the respondent accused. In response thereto, the respondent had issued a cheque bearing cheque No. 252327 dtd. 4/2/2021 of Rs.97,741.00. The said cheque was deposited by the complainant in bank and the same was returned with an endorsement that"insufficient funds". Thereafter, the complainant had filed the complaint before the Competent Court and the same was registered as Criminal Case No. 27959 of 2021.