TMI Blog2018 (3) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... bank, the same were dishonoured on the ground of insufficient funds. Until receipt of the notice under Section 138 of the Negotiable Instruments Act, 1881 from the petitioner, the company did not inform the petitioner not to deposit any of the said two post dated cheques. Even in the affidavit in opposition, the respondent company has not disclosed any document whatsoever to suggest any oral agreement between the parties for adjustment of all the amount receivable by the petitioner against acquisition of any property at Kona, in the district of Howrah. For all these reasons, as find that the defence sought to be made out by the company in this application against the claim of the petitioner, lacks bona fide and the same has no merit. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of ₹ 60 lakhs, together with the agreed rate of interest to the petitioner, the parties agreed to renew the said deposit of ₹ 60 lakhs by the petitioner to the company for a further period of 475 days, that is, from May 14, 2014 to August 31, 2015 at the agreed rate of interest of 15%, per annum. By a letter dated September 7, 2014 addressed to the petitioner, the company confirmed the said renewal of the deposit for a further period of 475 days and issued two post-dated cheques for ₹ 60 lakhs and ₹ 10,54,110/-, respectively drawn on Deutsche Bank, in favour of the petitioner on account of the principal amount and the agreed rate of interest, respectively. However, upon expiry of the said period of 475 days whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17, 2013 and September 7, 2014 as well as the dishonour of the post-dated cheques of ₹ 60 lakhs and ₹ 10,54,110/-, respectively issued by them in favour of the petitioner. The company, however, alleged that there was an oral agreement between the parties whereby the petitioner agreed to convert the principal amount of ₹ 60 lakhs being invested in the real estate project of the company which is coming up at Kona Expressway, namely, Avani Aspire Phase-II for adjusting the same with units of equal market value. On the basis of the said allegation, the company has prayed for rejection of the present application filed by the petitioner. Mr. Jishnu Chowdhury, appearing for the petitioner, strenuously contended that when the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gether with the agreed rate of interest. In order to discharge its obligation, the company had issued two post dated cheques of ₹ 60 lakhs and ₹ 10,54,110/-, respectively both dated September 1, 2015 to the petitioner and when the petitioner presented the said cheques for encashment through its bank, the same were dishonoured on the ground of insufficient funds. Until receipt of the notice under Section 138 of the Negotiable Instruments Act, 1881 from the petitioner, the company did not inform the petitioner not to deposit any of the said two post dated cheques. Further, even in the affidavit in opposition, the respondent company has not disclosed any document whatsoever to suggest any oral agreement between the parties for adju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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