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2018 (10) TMI 479 - HC - Indian LawsDishonor of Cheque - recovery of loan amount - Section 138 of Negotiable Instruments Act - the signature found in the cheque was admitted by the accused - presumption under Section 139 of N.I.Act - Held that:- It is an admitted fact that in 2003 itself, the bank authorities who have lent the loan to the accused company issued a notice under Section 132 of SARFAESI Act for taking symbolic possession. But, as per the case of the complainant, only in the year 2006, the loan of ₹ 25,00,000/- was given to the accused - No doubt, the amount of Rs,25,00,000/- is not a small amount. The accused and complainant did not have any business relationship prior to the present one. Furthermore, the complainant was doing his business in Namakkal District. On the other hand, the accused was running a company in Mumbai. In the said circumstances, it is unbelievable that any prudent person would lend an amount of ₹ 25,00,000/- without obtaining any collateral security. Even assuming that Section 139 of NI Act is in favour of the complainant, it is necessary to analyze the other circumstances also. In the evidence given by PW1 during cross examination, he clearly admitted that he had not received any pro note from the accused - Further, he deposed that he had not verified about the properties which stand in the name of the accused. It is obligatory on the Court to raise the presumption in every where all the factual aspects have been established. In the present case, the facts as shown above clearly reveal that the complainant has miserably failed to prove his case beyond all reasonable doubt - this Court comes to the conclusion that the judgement rendered by the First Appellate Court on the above fact is justified and there is no need to interfere with the findings arrived by the First Appellate Court. Criminal appeal dismissed.
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