TOUGH BAGS (A PARNERSHIP CONCERN) Vs. VAAMAN CAPITAL

JUDGEMENT

(1.) This Criminal Original Petition is filed to quash the proceedings in C.C.No.963 of 2018, pending on the file of the Fast Track Magistrate No.II, Coimbatore, insofar as the petitioners are concerned.

(2.) The 1st petitioner / A1is the partnership concern; 2nd and 3rd petitioners / A2 and A3 are the partners of Accused No.1 and the 4th petitioner / A4 is the mother of A2 and A3.

(3.) The gist of the case is that Accused Nos.2 and 3 taken a loan of Rs.50,00,000.00 from the complainant during January 2018. Out of the said loan amount, a sum of Rs.29,00,000.00 due and outstanding to them. After repeated request, A2, as power of attorney holder of A1 Company, issued a cheque, drawn on Union Bank, Madurai Main Branch, bearing No.50517, dtd. 25/5/2018, for a sum of Rs.19,00,000.00. A4 issued a cheque, drawn on State Bank of India, Pasumalai, Madurai, bearing No.942066, dtd. 25/5/2018, for the balance of Rs.10,00,000.00. On 28/5/2018, when the cheques presented for payment in Kotak Mahendra Bank Ltd, R.S.Puram, the said cheques returned with an endorsement, 'Insufficient Funds'. Hence, the complaint.