Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2022 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 1004 - CALCUTTA HIGH COURTDishonor of Cheque - Suit for recovery of money - insufficiency of funds - commercial dispute or not - Order 13A and Order 37 of the Code of Civil Procedure, 1908 - HELD THAT:- I do not find merit in the argument of the respondent, that this is not a “commercial dispute” within the meaning of the Commercial Courts Act, 2015. On the contrary, I am of the view that this is a classic commercial dispute which falls within the ambit of Section 2(c)(i) of the Commercial Courts Act, 2015 read with Explanation (a) of Section 2(c) of the Act. It is pertinent to mention that, the post-dated cheques furnished by the respondent were repeatedly dishonoured by the bankers of the respondent on the ground that the funds were insufficient in the account of the respondent. The respondent also provided a letter dated 13 June, 2016, as an undertaking for the post-dated cheques furnished by the petitioner to the respondent - the respondent has unequivocally, unambiguously and categorically admitted its liability to the petitioner. The facts of the instant case, pertain to an ordinary transaction for realisation of monies and that there are mercantile documents which have been executed by and between the parties. The negotiations and documents which merchants undertake ought not to depend on the subtleties and niceties of law but are best left to their commercial wisdom. The receipt of ₹ 4 crores is unequivocally, unambiguously and indisputably admitted by the respondent. The obligation of the respondent to pay interest @15% per annum is also admitted, indisputable and uncontroverted. In view of the demand notice dated 15 April 2019, the obligation of the respondent to repay the principal sum including interest has also arisen - in view of the fact that the respondent has already dealt with the security furnished to the petitioner in terms of the Memorandum of Understanding, liberty is granted to the petitioner to take appropriate steps for securing its claim, in accordance with law, if so advised. There shall be a decree on admission in favour of the petitioner and against the respondent for a sum of ₹ 6,27,72,055/- (particulars whereof appear from paragraph 24 of the petition). The respondent shall also pay to the petitioner costs of this application assessed at ₹ 1,00,000/- - Application disposed off.
|