Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 28 - HC - Companies LawDomestic factoring facilities - petitioner No.1 is the borrower, respondent is the ‘Factor' and M/s Liverpool Retail India Limited are the purchasers - petitioners were granted domestic factoring facilities by the respondent to the tune of Rs. 2,00,00,000/- with the condition of maximum pre-payment of 80% - petitioner gave the cheques of security amounting to Rs. 2,00,00,000/- without date towards guarantee as guarantee of Liverpool Retail India Limited who too issued the cheques for the said amount which got dishonoured for insufficient funds - complaint u/s 138 of the Negotiable Instruments Act - Held that:- As per Clause 9.1 of the Agreement entered between the parties in case the said cheques were ever dishonoured, the respondent was given the right to proceed under Section 138 of the Negotiable Instrument Act. As per Clause 2 of the Undertaking, the respondent did not issue a notice of demand before filing the complaint is in itself not sufficient to exercise the jurisdiction under Section 482 Cr.P.C for quashing of the complaint, in as much as, all the ingredients of Section 138 of the Negotiable Instrument Act are satisfied. Para 10 of the complaint specifically states that vide legal notice dated 07.07.2010, the complainant company through their counsel called upon the accused persons to make the payment of the amount covered by the dishonoured cheques. The said notice was sent to the accused persons through Regd. A.D. The postal authorities have delivered the notice sent to the accused person through Regd. A.D. In view of the above discussion, it is not a fit case for exercising the jurisdiction under Section 482 Cr.P.C for quashing of the complaint.
|