KUMARAGURU FINANCE Vs. M GANESAN

JUDGEMENT

(1.) THIS appeal has been preferred against the Judgment dated 23.1.2002 in C.C.No.163 of 2001 on the file of Judicial Magistrate No.1,Namakkal.THIS appeal has been preferred against the Judgment in C.C.No.163 of 2001 on the file of Court of Judicial Magistrate No.1, Namakkal. The unsuccessful complainant before the trial Court is the appellant herein.

(2.) ACCORDING to the complainant in the complaint, the accused had borrowed a sum of Rs.1,00,000/- from the complainant agreed to pay interest at the rate of 18% p.a, had executed a promissory note and also his wife had executed a mortgage deed dated 4.12.1998 as a security for the loan borrowed by the accused. Till 13.7.2000, the accused had paid the interest for the said loan amount. The amount due as on 9.3.2001 inclusive of interest comes to Rs.1,30,000/- To discharge the said loan amount, the accused had drawn a cheque for Rs.1,30,000/- in favour of the complainant. For the loan along with interest , the amount due from the accused comes to Rs.1,28,800/- and for the balance of Rs.1,200/-, the accused had received the said amount by way of cash. When the said cheque was presented for encashment on 9.3.2001 before Lakshmi Vilas Bank, Namakkal, the said cheque was dishonoured by the bank on the ground of "insufficient funds". Hence the complainant has preferred the complaint against the accused under Section 138 of the Negotiable Instruments Act.

(3.) AFTER going through the evidence both oral and documentary, the learned trial Judge finding no material to convict the accused under Section 138 of the Negotiable Instruments Act had dismissed the complaint thereby acquitting the accused under Section 255(1) of Cr.P.C. Aggrieved by the findings of the learned trial Judge, the complainant has preferred this appeal.