Sandeep Kumar Sharma Vs PNB (Himachal Pradesh High Court)
Himachal Pradesh High Court held that since all the ingredients of commission of an offence punishable u/s. 138 of the NI Act were duly satisfied. Thus, Trial Court had rightly convicted the accused of the commission of an offence punishable u/s. 138 of the NI Act. However, sentence is reduced to six months imprisonment.
Facts- The complainant filed a complaint before the learned Trial Court against the accused for the commission of an offence punishable u/s. 138 of the Negotiable Instruments. The accused approached the complainant for a term loan of ₹26,66,000/- for the purchase of a new AMW 2518 Tipper. The complainant sanctioned the loan and advanced a sum of ₹26,66,000/- to the accused. The amount was to be repaid in 58 equated monthly instal-ments of ₹45,966/- along with a contractual interest at the rate of 12.5% per annum with monthly rests. he accused defaulted on the repayment of the loan. He issued a cheque of ₹9,95,000/- to discharge part of his liability.
The complainant presented the cheque to the Bank, but it was dishonoured with an endorsement ‘insufficient funds’. The complainant sent a legal notice to the accused, but it was returned with an endorsement ‘unclaimed’ and is deemed to be served. The accused failed to repay the amount. Hence, the complaint was filed before the learned Trial Court for taking action against the accused as per the law.
