M. SRINIVASAN & ANR. Vs. V.P. KRISHNAMURTHY

JUDGEMENT

(1.) This quash petition has been filed by the Petitioners/Accused to quash the proceedings in C.C.No.24 of 2012, on the file of the Judicial Magistrate, Fast Track Court, Vellore.

(2.) The complaint has been filed against the first petitioner who is the husband of the second petitioner and the second petitioner who is the proprietorix of Sree Suba Sree Pharma. The averments in the complaint is that the first accused being a close friend of the complainant had on 1.10.2010 for his urgent business need borrowed Rs. 4.00 lakhs from the complainant and for the security of the said borrowing he had executed a promissory note on the same day in favour of the complainant for a sum of Rs. 4.00 lakhs, promising to repay the same on demand with interest at 24% per annum for good valid consideration and that second loan transaction also very well known to the second accused. Since the loan has been borrowed by the first accused for the development of the Sree Suba Sree Pharma, of them had been jointly and severally liable to pay the loan amount with interest to the complainant.

(3.) The further allegation of the complainant is that after borrow of the said loan amount only 6 months interest has been paid to the complainant and after repeated demands made by the complainant on 5.6.2011 both the accused have come to the complainant's house and that the second accused had accepted her joint and several liability of the aforesaid loan borrowed by the first accused for Sree Suba Sree Pharma and the second accused in the presence of and consent of the first accused towards partial discharge of the said loan amount as authorised signatory of Sree Suba Sree Pharma had issued a post dated cheque drawn on Indusind Bank, Vellore Branch in favour of the complainant for a sum of Rs. 2.00 lakhs in cheque No.494101 dated 08.10.2011.