Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2021 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (11) TMI 449 - HC - Indian LawsDishonor of Cheque - existence of enforceable debt or not - whether the cheque was given only as a security to ensure the payment? - HELD THAT:- On a perusal of E-mails sent by the learned counsel for the private complainant, it is seen that the amount is only as an investment not as a loan as projected by PW1 in the witness box assumes significance - Ex. D1 is exchange of email between the respective counsels. In Ex. D2/E-mail sent to the accused from the complainant, it is specifically mentioned in Clause (2) in reply namely mail given by the complainant is to help us to move forward to consider investing in ABL as a whole. Under Ex. D5, in third page, it is mentioned as investment not as a loan. Even under Ex. D10/series of email sent by defacto complainant to the accused it refers to investment proposals only. Thus, this Court finds that Ex. P3/cheque was issued only as a security for the investment and not for the hand loan as projected by PW1. The Lower Appellate Court has considered the same and has arrived at the similar conclusion that in the absence of anything reflecting on the transaction as a loan, which is only an investment made therefor, for which it was agreed to pay ₹ 48,87,200/- [principle amount ₹ 46,00,000/- along with interest for 90 days viz., ₹ 2,87,200/-] and hence, the amount deposited by the private complainant in escrow account is only an investment for the company, for which by way of security a cheque in issue has been issued by the accused and the said cheque does not represented any legal consideration or does not support by any legally enforceable debt and hence, presentation of cheque for encashment itself is under cloud and hence, similar findings rendered by the Lower Appellate Court is justified and the same is hereby confirmed. Appeal dismissed.
|