JAGDISH RAJ GUPTA Vs. PURSHOTAM GUPTA

JUDGEMENT

(1.) This appeal has been directed against judgment dtd. 11/8/2014, passed by learned Special Railway Magistrate, Sub-Judge, Jammu ["the trial court"] in a complaint titled "Jagdish Raj Gupta vs. Parshotam Gupta", vide which the complaint preferred by the appellant came to be dismissed and respondent came to be acquitted of the charge under Sec. 138 of the Negotiable Instruments Act, 1881 ("NI Act" for short).

(2.) Before a closer look at the grounds urged in the memo of appeal, it shall be apt to have an overview of the backgrounds facts.

(3.) The gravamen of charge against the respondent is that he borrowed an amount of Rs.20.00 lacs from the appellant and in lieu, issued a cheque bearing no. 2225230 dtd. 3/5/2007, drawn on the Citizens Co-operative Bank Ltd., Vinayak Bazar, Jammu. The appellant presented the cheque to his banker, JCC Bank, Jammu for collection, which on presentation came to be dishonoured, with the endorsement, "Funds Insufficient". Case of the appellant is that since respondent did not refund the loan amount despite due service of demand notice, dtd. 26/10/2007, upon him within the stipulated period of 30 days, he preferred a complaint under Sec. 138 of NI Act against the respondent.