POSH AGRO Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard finally with consent of learned counsel for the parties.

(2.) This petition has been filed for quashment of complaint/criminal proceeding of Summary Criminal Case No. 2566 of 2021, instituted for the offence punishable under Sec. 138 of Negotiable Instruments Act ('N.I. Act'). The petitioners herein are Accused Nos. 1 to 4 in the said case.

(3.) The facts, giving rise to the present proceeding are as follows :- Respondent No.2 is a private limited company engaged in business of arranging or helping or assisting in fund raising. Petitioner No.1 is a partnership firm. Petitioner Nos. 2 to 4 are it's partners. The petitioners wanted to set-up a unit for manufacturing jaggery in Maharashtra. They, therefore, approached Respondent No.2 - complainant for raising of funds for the proposed project. An agreement in writing came to be executed between the petitioners and Respondent No.2 on 14/9/2020. Respondent No.2 - complainant claims to have provided all the assistance and ensured grant of loan by the Central Bank of India for the proposed project. The petitioners, however backed-out of the transaction. It is also the case of Respondent No.2 - complainant that since it had to spend a lot, it only raised a bill of Rs.4,50,000.00 (50% of the fixed fees). Accused No.5 in the case, was looking after the business of Petitioner No.1 - partnership firm. He issued a cheque of Rs.4,50,000.00 towards payment of Respondent No.2's fees. The cheque was presented for encashment. It, however returned unpaid for the reason 'Funds Insufficient'. Respondent No.2 - complainant, therefore, issued statutory demand notice to the petitioners and Accused No.5. The notice was replied with false contentions. Prosecution, therefore, came to be initiated.