AJIT NAIN Vs. CEAT FINANCIAL SERVICES LTD

JUDGEMENT

(1.) The instant criminal revision arises out of a proceeding under section 138 of the Negotiable Instruments Act, pending before the learned Metropolitan Magistrate, 12th Court, Calcutta.

(2.) The brief facts of the case are as follows: The accused, the petitioner herein entered into a hire purchase agreement with the complainant company, the opposite party herein for purchasing office equipments. The accused in discharge of his liability towards the outstanding dues issued a cheque bearing No. 803027 dated February 1,1999 for Rs.8,733/- drawn on Hongkong Sanghai Banking Corporation Ltd., Calcutta. The complainant during the validity of the said cheque presented the same to the banker on which the cheque was drawn through his banker for encashment, but the said cheque was returned unpaid with the endorsement 'the payment stop by drawer'. The complainant immediately issued a notice demanding payment of cheque amount but even in spite of receipt of such notice no payment was made within the stipulated period.

(3.) Heard Mr. Amp Chatterjee, Advocate appearing for the petitioner and Mr. Tirthankar Ghosh, Advocate appearing for the opposite party. Perused the materials on record.