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2022 (4) TMI 762 - HC - Indian LawsDishonor of Cheque - legally enforceable debt or not - disputed cheques were given by way of security in the year 2016 or not - HELD THAT:- From the record, it is clear that there was a transaction between the parties and the complainant had given the aforesaid amount, for which, it was agreed that the accused will pay interest at the rate of 12% p.a. Thus in the facts of the present case, it cannot be said that the disputed cheques have been issued for the debt, which is not legally enforceable as contended by learned advocate for the applicants. It is pertinent to note that the complainant had not given amount of ₹ 34,50,000/- for a specific period - the complainant has specifically averred in the impugned complaint that the applicant nos.2 and 3 have agreed that they will pay interest at the rate of 12% p.a. regularly and as and when the complainant requires the said amount, the said amount will be returned immediately by the accused persons. In the impugned complaint, specific averments and allegations are leveled against the applicant nos.2 and 3, who are partners of the applicant no.1 – partnership firm. It is not in dispute that the disputed cheques have been issued by the partnership firm and as per the provision contained in Section 141 of the NI Act, every person who, at the time the offence was committed, was in charge of and was responsible to the firm for the conduct of the business of the firm, shall be deemed to be guilty of the offence and shall be liable to be proceeded against under the provision of Section 138 of the NI Act. This Court is not inclined to exercise the powers under Section 482 of the Code in favour of the present applicants - Application dismissed.
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