Ridhi Petrochem Pvt. Ltd. & ORS. v. S E Investments Pvt. Ltd. & ANR.

$~31 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ CRL.M.C. 5506/2018, RIDHI PETROCHEM PVT. LTD. & ORS.

..... Petitioners Through Mr O P Gaggar, Adv versus S E INVESTMENTS PVT. LTD. & ANR.

..... Respondents Through None

CORAM:

HON'BLE MR. JUSTICE A.K. PATHAK

O R D E R

% 30.10.2018 By this petition under section 482 Cr.P.C. petitioners have prayed for quashing of four complaint cases under section 138 Negotiable Instruments Act,1881(The Act, for short) filed by respondent no.1 against the petitioners.

Learned counsel for the petitioner submits that petitioner no.1 had taken loan of `1 crore from the respondent no.1. However, `20 lacs was returned back as security in the form of Fixed Deposit which was encashed.

The loan was repayable in the instalments of `6,07,000/- each. Two cheques were even encashed meaning thereby `12,14,000/- stands paid.

Petitioner also paid `59,105/- as late payment charges and as on 1st April, 2018, only `60 was payable. Four blank cheques given by the petitioners were misused by the respondent no.1 to file four different complaint cases. Total amount involved in the four cheques is `3,81,37,000/- whereas loan taken in the year 2013 was only `1 crore.

A perusal of complaints annexed with the petition show that four different complaints have been filed against different persons. At this stage averments made in the complaints have to be taken on its face value. At this stage complaints cannot be quashed without trial by this court in exercise of its inherent jurisdiction under Section 482 Cr.P.C. Complaint in respect of cheque No.053924 dated 19th June, 2013 for `1,10,87,000/- has been filed against 'M/s Ridhi Petrochem Pvt. Ltd. wherein two directors namely Mr. Vishal Hasmukh Sheth and Mr.Harshad M. Panchal, have been impleaded as the accused by taking aid of Section 141 of the Act, are responsible for day-to-day affairs of the company.

Second complaint is against Mr. Vishal Hasmukh Sheth in respect of cheque No.174177 dated 8th July, 2013 for `91,00,000/-. Third complaint is against Mr. Hasmukh Tarachand Sheth in respect of cheque No.815676 dated 10th July, 2013 for `89,50,000/- and the fourth complaint is against M/s. Valukko Industries Pvt. Ltd. in respect of cheque No.904097 dated 8th July, 2013 for `90,00,000/-.

All the abovenamed persons/entities are petitioners in this case.

In the complaints specific averments have been made that the cheques were issued to clear the outstanding liability. Issuance of the cheques have not been disputed. Whether blank cheques have been misused or not, is a subject matter of trial. As to the amounts involved in the cheques were due or not is also subject matter of trial. At this stage, the pleas taken by the petitioners are their defence and can be adjudicated during the trial.

Petition is dismissed with cost of `50,000/- to be deposited

with Kerala Chief Minister's Distress Relief Fund within two weeks. Miscellaneous applications are disposed of as infructuous. A.K. PATHAK, J OCTOBER 30, 2018/sm