S. THANGASWAMY Vs. S. SRINIVASAN

JUDGEMENT

(1.) The petitioner is the accused in C.C.No. 9202 of 2012 on the file of the XVII Metropolitan Magistrate at Saidapet, Chennai-15.

(2.) The respondent/complainant filed a private complaint in C.C.No. 9202/2010 under section 200 of Crimial P.C. 1973 before the XVII Metropolitan Magistrate at Saidapet, Chennai, against the petitioner/accused for the offence punishable under section 138 of the Negotiable Instruments Act. The case of the respondent/complainant is that the complainant's wife and the petitioner entered into an agreement of sale dated 09.08.2009 and the total sale consideration was fixed at Rs. 52,00,000.00 and that a sum of Rs. 10,00,000.00 was paid towards advance through a cheque bearing No. 260389 dated 09.08.2009, drawn on HDFC Bank. Subsequently, a sum of Rs. 20,00,000.00 was also paid towards sale consideration. According to him, since the sale transaction could not be materialized, the complainant's wife insisted for return of the advance amount already paid and the accused issued two cheques bearing Nos.000126 and 000129 dated 31.10.2009 and 02.11.2009 respectively drawn on Axis Bank Ltd., Kotturpuram, Branch Chennai, in favour of the complainant. When the respondent/complainant presented the cheques for encashment, the same were dishonoured for the reason "Funds Insufficient" and therefore, he issued a statutory notice dated 16.01.2010 to the petitioner/accused calling upon him to pay a sum of Rs. 30,05,000.00 due under the cheques.

(3.) The contention of the learned counsel for the respondent/complainant is that though the said notice was received by the petitioner/accused as evidenced by the postal acknowledgment card dated 19.01.2010, he did not come forward to make good the payment. Therefore, he filed the private complaint before the XVII Metropolitan Magistrate at Saidapet, Chennai, against the petitioner/accused for the offence punishable under section 138 of the Negotiable Instruments Act.