SUNDARAKRISHNAN G. Vs. RELIANCE HOME FINANCE PVT. LTD.

JUDGEMENT

(1.) These three petitions have been filed to quash the proceedings initiated under Sec. 138 of the the Negotiable Instruments Act.

(2.) The case of the complainant is that the Respondents/Petitioners herein availed loan under the scheme 'Housing Loan' under Agreement No.RHHLCHE000009671. The 1st Accused / 1st Petitioner herein is borrower; 2nd Accused / 2nd Petitioner herein is co-appplicant and the 3rd Accused is company. The Accused promised to repay the loan amount as stipulated in the agreement. The 3rd Accused had arranged Auto Debit/ECS with their banker, monthly instalment of Rs.2,41,056.00. The same was dishonoured on 5/7/2016, 5/10/2016 and 9/3/2017 respectively, when the cheque was deposited for ECS with the banker with endorsement of Miscellaneous and insufficient funds. After complying the statutory notice, three private complaints have been filed under Sec. 138 of the Negotiable Instruments Act.

(3.) The quash petitions are filed mainly on the ground that the Petitioners / accused have obtained housing loan of Rs.2,00,95,000.00 on 15/7/2011 from the Respondent by entering into a loan agreeement for purchase of the property situated at Plot 7, Balaji Nagar, 21st Street, Velacherry, Chennai. The said amount was payable with monthly rests (EMI) of Rs.2,22,130.00 and with an EMI of Rs.2,41,056.00 with interest revision payable in 180 equated monthly instalments. The petitioners also executed a mortgage in favour of the Respondent over the property and the Petitioners also regularly remitting the monthly EMI rests for the said Loan Account until 2014.