B.SUNITHA RANI Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This Criminal Petition is filed under Sec. 482 of the Code of Criminal Procedure, 1973 (for short 'Cr.P.C.') by the petitioner/accused No.3 seeking to quash the proceedings against her in CC.NI.No.10533 of 2022 on the file of the VIII Metropolitan Magistrate, Hyderabad, for the alleged offences punishable under Sec. 138 of the Negotiable Instruments Act, 1881 (for short 'NI Act') read with Sec. 420 of Indian Penal Code, 1860 (for short 'IPC').

(2.) The brief facts of the case are that the respondent No.2/de facto complainant, along with others has entered into a registered Development Agreement cum GPA dtd. 11/9/2014 vide document No.4646/2014 with accused No.1 - Company (hereinafter referred to as 'accused - Company') which is represented by accused No.2/Managing Director and accused No.3/petitioner/Director, for the purpose of development of their respective properties. Under the said Development Agreement, the accused - Company agreed to deliver 50% of plotted area to respondent No.2 and to construct luxury independent villas over the said plots and to deliver the same within 36 months from the date of obtaining sanction permission from HMDA. Subsequently, the accused - Company obtained permission from HMDA under permit No.17/LO/HMDA/2014 dtd. 30/5/2014 and formed a layout and divided the land into plots but failed to commence the construction of villas and utterly failed to abide by the terms and conditions, as agreed upon in the Development Agreement. Thereafter, the accused - Company expressed its inability to construct villas on the ground that the market conditions are not good. After elaborate discussions, the respondent No.2 along with others agreed to enter into a Supplementary Agreement with the accused - Company, under which the accused - Company agreed to allot additional net plotted area admeasuring 852 square yards to the respondent No.2 and others, in lieu of non-construction of villas.

(3.) In the said Supplementary Agreement dtd. 26/5/2017 the accused - Company stated that since it has already alienated all the plots that were allotted, the Company would pay a sum of Rs.35,000.00 per square yard in respect of 852 square yards of plot to respondent No.2 and others, which comes to an amount of Rs.2,98,20,000.00 payable in six monthly installments commencing from July 2017 and ending in December 2017. In addition, the accused - Company also agreed that in the event of failure to pay the total amount as stated above by December 2017, a sum of Rs.40,000.00 per square yard for the balance installment amounts would be paid along with 24% per annum on the defaulted installment amounts. It is alleged that in spite of the said specific undertaking given under the Supplementary Agreement, the accused - Company failed to pay any of the installments.