K.SARAVANAN Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) This petition has been filed by the petitioners seeking to quash the complaint filed against the petitioners herein and the other accused under Section 138 of Negotiable Instruments Act, which is pending in C.C.No.1593 of 2010 on the file of the learned VII Metropolitan Magistrate, George Town, Chennai.

(2.) The petitioners herein have been arrayed as A3, A6, A4, A5 respectively in C.C.No.1593 of 2010 pending on the file of the learned VII Metropolitan Magistrate, George Town, Chennai.

(3.) (1)The averments in the complaint are as follows:- The respondent/complainant is a Scheduled Bank constituted under the Banking Companies Act. During the course of its business, one M/s.Asian Health & Nutri Foods Ltd approached the Complainant bank for a Line of Credit (Short Term Loan) on the terms and conditions set out in Master Facility Agreement executed by the said Company in favour of the Complainant. For the purpose of availing the said facility by M/s.Asian Health & Nutri Foods Ltd, the 1st accused M/s.Cosmopolis Properties Private Limited stood as 'Guarantor' and has executed a Corporate Guarantee guaranteeing the due repayment of the amount by M/s.Asian Health & Nutri Foods Ltd. The over all limit of loan was fixed at Rs.15 crore. After availing the loan, the principal borrower viz., M/s.Asian Health & Nutri Foods Ltd was highly irregular in repaying the loan amount lent by the complainant. Hence, with a view to discharge of the debt outstanding in the account of M/s.Asian Health & Nutri Foods Ltd, the 1st accused viz., M/s.Cosmopolis Properties Private Limited issued a cheque bearing No.089858, dated 30.11.2009 for a sum of Rs.2 crore in favour of the complainant. The said cheque was drawn on Indian Overseas Bank, Suramangalam Branch, Subramania Nagar, Salem. When the complainant presented the said cheque for collection through its Armenian Street Branch, Chennai, the same was dishonoured and returned with a cheque return memo confirming "Exceeds Arrangement" on 03.12.2009 in the account of the 1st accused. The 1st accused had issued the said cheque duly signed by the Managing Director of the company viz., Mr.S.Sidesh Kumar (2nd accused). Hence, the complainant/respondent herein issued statutory notice dated 15.12.2009 through registered post informing all the accused about the fact of dishonour of cheque and calling upon them to make full payment.