NALAM NAGESHWAR & CO. Vs. FUNGICIDES (INDIA) LTD.

JUDGEMENT

(1.) By medium of this petition quashment of the proceedings as well of the complaint is prayed for.

(2.) The respondent company has its registered office at 7/1 Sheikh Bagh Srinagar. The said company, among others, is stated to be dealing in trading and manufacture of fungicides/pesticides. The company has its principle administrative office at H-88, Vidya Palace, South Extension, Part-1, New Delhi-110049 and the company has its off ices/representatives/dealers at various places in India.

(3.) Petitioner (accused) is alleged to be liable to make payments to the respondent company so is stated to have issued cheque bearing No.647394 on 10.8.2001 for an amount of Rs.17,64,826/drawn on Karnataka Bank Limited, Guntur 522 003. Respondent company claim to have presented the same before the UCO Bank, Budshah Chowk, Srinagar on 10.8.2001, same had been send for clearance to the drawee bank i.e. Karnataka Bank Limited, Guntur which was returned along with a memo dated 04.09.2001 i.e. cheque has been dishonoured for the reasons "account closed". On the same date cheque has been returned to the complainant.