MULCHAND RAMJI SAIYA Vs. PREMJI RATANSHI GANGAR

JUDGEMENT

(1.) Heard. Perused the application and annexures thereto, particularly the notes of evidence and the impugned judgment and order.

(2.) It was the case of dishonour of two cheques for Rs.2,00,000/- and Rs.1,00,000/- allegedly given by the accused for repayment of the loan amounts advanced @ 2 % per month. It was also alleged that the promissory notes were executed in favour of the complainant by the accused in respect of the said debts.

(3.) The learned trial court took a view that the debt in question was not legally enforceable debt as per the provisions of Bombay Money Lenders Act, 1946. The learned trial court observed that the complainant was doing money lending business without the valid licence and this could be seen from the huge amounts of loan given to different persons.