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2021 (5) TMI 489 - HC - Indian LawsDishonor of Cheque - inter-corporate loan (in the form of deposit) given to petitioner being one of the Directors - HELD THAT:- The underlying position is that an amount worth of ₹ 50 Lakh was advanced to petitioner/debtor beneficiary in the form of an inter-corporate deposit, upon certain agreed terms, simply to tied over the financial cricis faced by the RMPL, of which petitioner is one of the directors. Such amount was indisputably credited to the bank account of RMPL, maintained at HDFC bank. On the selfsame date of credit of inter-corporate deposit, an amount worth of ₹ 50 Lakh was diverted to a S.B.I. account maintained separately by the petitioner/beneficiary - Mr. Banjeree never disputed with the amount of inter-corporate deposit, and thus he was honest in his submission as regards the liability of the petitioner, he had with respect to the debt already incurred by petitioner in the form of inter-corporate deposit. A separate case under Section 138 of Negotiable Instruments Act is also pending against the petitioner. The settled proposition of law is that though there is civil remedy available in connection with a commercial transaction, but there is no legal impediment to launch a separate prosecution under Section 138 of N.I. Act, subject to the fulfilment of the ingredients constituting such offence, which is indeed different from the instant one, where fraudulent and dishonest intention on the part of the accused/petitioner are the essence of offence, complained of. Therefore, the instant prosecution is very much permissible and with the sanction of law. The instant revisional application fails being without any merits.
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