SURANA POWER LIMITED Vs. UCO BANK

JUDGEMENT

(1.) This Criminal Revision Petition has been filed to call for the records relating to C.C.No.3645 of 2015 on the file of the XIV Metropolitan Magistrate, Egmore at Allikulam, Chennai 600 003 and quash the same.

(2.) For the sake of convenience, the parties will be referred to as the complainant bank and accused.

(3.) It is the case of the complainant-bank that the first accused was granted credit facility on 26.12.2014 and a letter of credit for 90 days was issued in favour of the accused to clear the consignment of coal, in which business the accused were into. In the terms of the letter of credit, the accused was required to pay a total sum of Rs.5,03,21,250/- only, which the accused did not pay within 90 days. Towards the said due, the accused gave a cheque for Rs.5,03,21,250/- dated 26.03.2015. The complainant-bank presented the cheque and the same was dishonoured for insufficiency of funds on 18.06.2015. Thereafter, the complainant issued a statutory notice dated 23.06.2015 to all the accused, intimating them about the dishonour of the cheque. Since the accused did not make the payment, the complainant-bank has initiated the prosecution in C.C.No.3645 of 2015 before the XIV Metropolitan Magistrate, Egmore, Chennai under Section 138 of the Negotiable Instruments Act against the five accused, for quashing which A1, A2 and A4 are before this Court.