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BIRENDRA KUMAR
Archana Mittal – Appellant
Versus
Anand Rathi Global Finance Ltd. – Respondent
JUDGMENT
1. The petitioner is an accused in complaint case No. 1701/2021. In the instant petition under Section 482 Cr.P.C, the petitioner has challenged the complaint petition as well as order of cognizance dated 9.4.2021 passed in the aforesaid complaint case and the subsequent orders of summons and issuance of warrant of arrest.
The challenge is on the ground that the complaint petition as well as cognizance order both suffer from non compliance of mandates of law rather they are contrary to the provisions of law.
2. The factual matrix of the case is that the petitioner is Director of Mercator Limited Company, a company incorporated under the Companies Act. The respondent Anand Rathi Global Finance Limited is a non banking company. On 3.11.2017, the petitioner and respondent Company executed a loan agreement at Mumbai for a credit facility in the nature of working capital loan for a sum of Rs. twenty crores. At the time of execution of loan agreement, the petitioner had submitted certain documents including post dated cheques with clear stipulation in the agreement that those cheques may be used by the lender in realization of due amount.
Initially, the loan agreement was for one ye
Issuance of summons without conducting inquiry under Section 202 of the Cr.P.C. is impermissible, making the cognizance under Section 138 of the N.I. Act unsustainable.
An inquiry under Section 202 of the CrPC is mandatory before issuing summons to an accused residing outside the Magistrate's jurisdiction in cases under Section 138 of the NI Act.
The court established that under the Negotiable Instruments Act, a complaint for dishonour of a cheque must be filed within a specific time frame, and failure to provide sufficient cause for any dela....
The main legal point established in the judgment is the requirement for the complainant to satisfy the court of sufficient cause for not filing the complaint within the prescribed period under sectio....
(1) Dishonour of cheque – A post-dated cheque issued after debt has been incurred would be covered by definition of ‘debt’ – However, if sum payable depends on a contingent event, then it takes colou....
The jurisdiction for offenses under Section 138 of the Negotiable Instruments Act is determined by the location where the cheque was presented for collection, and a transfer of proceedings to the app....
The court established that the issuance of a cheque, even if post-dated or issued as security, can constitute a legally enforceable debt under Sec. 138 of the N.I. Act, and that the inquiry under Sec....
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