M B INDUSTRIES Vs. GAJANAND KHANDELWAL

JUDGEMENT

(1.) - This revisional petition is directed against an order dated february 20, 1998 passed by the Ld. Metropolitan Magistrate, 3rd Court, Calcutta in case No. C-1944 of 1996 (T. R. No. 22 of 1998), pending trial under section 138 of the negotiable Instruments Act, 1881.

(2.) BY the impugned order, the prayer of the petitioners-accused persons to quash the proceeding and to discharge them was refused.

(3.) AT the outset, a little bit of the contextual facts be placed as hereinafter. The complainant-O. P No. 1 Gajanand Khandelwal filed a complaint in his official capacity as Manager (Administration) of M/s. Prudential Capital Markets Ltd. while also asserting that he had been duly authorised by the company to file the complaint. It was alleged in the complaint that at the request of the accused persons the complainant's company granted incorporated loan of Rs. 1 crore to the accused persons, and in discharge of the said liability in respect of the loan, the accused persons issued a cheque dated August 27, 1996 for Rs. 1 crore drawn on Sikkim Bank Ltd. , R. N. Mukherjee road, Calcutta. The complainant's company presented the cheque for encashment on September 5, 1996 but the same was dishonoured on the ground of insufficient fund. Thereafter a statutory notice dates September 30, 1996 was issued by the complainant's company demanding payment within a period of fifteen days from the date of the receipt of the notice. The accused persons allegedly did not make any payment after receipt of the notice and, as such, a complaint for the offence under section 138 read with section 141 of the Negotiable Instruments Act was filed. The Chief Metroplitan magistrate, Calcutta took cognizance and, ultimately, issued process against the accused persons. The accused persons, subsequently, appeared before the Magistrate and were, thereupon, released on bail.