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10. The PW 1 has deposed that a partnership firm by name White Globe, engaged in the business of purchasing the farm inputs and procuring agri related commodities, has availed credit facility by way of term loan of Rs.2,00,00,000/- by executing loan agreement dated 28.02.2023 with interest @ 18%. The complainant has produced the e-signed copy of the loan agreement as Ex.P 4. The complainant has also produced the Audit Trial substantiating the process of execution of loan C.C.No.17029/2024 agreement by affixing e-signatures by the parties with Hash value and it is marked as Ex.P 5. As per the terms of loan agreement, accused, who is also the partner of the White Globe, stood as Guarantor in his personal capacity, towards said credit facility and executed a Deed of Guarantee on 28.02.2023 in terms of which the accused agreed to repay the amount covered under the terms of loan agreement to the complainant. The complainant has produced the e-signed copy of the Guarantee agreement as Ex.P 6. In the schedule 1 of the Guarantee agreement the details of Guarantors is given and the name of accused found place in Guarantor 1 in the schedule 1 of Guarantee agreement and the accused has also affixed his digital signature to the Guarantee agreement. The complainant has also produced the Audit Trial substantiating the process of execution of loan agreement by affixing e-signatures by the parties with Hash value and it is marked as Ex.P 7. As per the terms and agreement the partners shall give personal guarantee to the loan of the firm. It is the case of the complainant that White Globe has failed to repay the loan in terms of the loan agreement and committed default. As per the Deed of Guarantee the the guarantors are jointly, severally liable to pay the due amount on demand by the complainant. As per the terms of Guarantee agreement 2.1 the Guarantors shall pay the due amount within 7 days of demand notice. It is stated that C.C.No.17029/2024 following default in loan repayments the complainant initiated guarantee invocation process by issuing the notice via email dated 14.02.2024 to the accused. The complainant has produced the same as Ex.P 8. The PW 1 has deposed that the accused agreed the repayment of said loan and issued a cheque bearing No.000112 dt.22.02.2024 drawn on HDFC Bank, Navi Mumbai, Maharashtra for a sum of INR 1,60,00,000/- in favour of the complainant. It is stated that said cheque is dishonured on its presentation for collection and inspite of issuance of demand notice the accused failed to pay the cheque amount and thus committed the offence.

15. Therefore, in view of the principles laid down in the decision the onus is on the accused to rebut the presumption under 139 of Negotiable Instruments Act. The accused has not issued any reply at the initial stage after service of the legal notice and not utilized the earliest opportunity to put forward his defence.

C.C.No.17029/2024

16. The defence of the accused is brought on record by way of cross examination of PW 1. In the cross examination of PW 1 the accused denied proper execution of loan documents and Guarantee agreement. He has taken the contention that without following provisions of section 35 of Information Technology Act the loan documents were executed. As discussed above the complainant has produced e-signed loan agreement and Guarantee agreement with AUdit trial as per Ex.P 4 to 7. The complainant by producing Audit Trial providing details of process of execution of e-document with Hash value as per Ex.P 5 and P 7, has prima-facie established due execution of the documents. In the cross examination of PW 1 also at one stretch accused has admitted availment of the loan by White Globe and he stood as surety to the loan availed and he issued the cheques at the time of loan transactions for security and at another stretch has contended that he has not signed guarantee agreement. Thus he has admitted the loan transaction. The PW 1 has denied all such suggestions of accused. Nothing has been elicited from the mouth of PW 1 to to doubt the fact of availment of the loan by White Globe and the accused has stood as Guarantee to the loan by execution Guarantee agreement.