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Showing contexts for: temporary overdraft in M/S The Jammu & Kashmir Bank vs Abhishek Mittal on 26 May, 2011Matching Fragments
1. This appeal is directed against the judgment dated 16th August, 2010 passed by the Trial Court whereby respondent has been acquitted of the offence under Section 138 of the Negotiable Instruments Act, 1881 (for short hereinafter referred to as „the Act‟).
2. It is the case of the appellant that M/s Akansha Machine Tools, a sole proprietorship firm of respondent‟s father, was enjoying temporary overdraft facility from the appellant. Shri Jitender Sharma was the then Branch Manager of the appellant. Respondent, in discharge of liability of M/s Akansha Machine Tools, issued three cheques bearing numbers 224600 dated 06.03.2006 for `2,25,000/-, 224598 dated 10.03.2006 for `1,00,000/- and 224599 dated 06.03.2006 for `1,00,000/- all drawn on Bank of Punjab Ltd. Noida, U.P., in favour of appellant. On presentation, cheques were returned dishonored for the reason "insufficient funds". The amount involved in the cheques was not paid by the respondent within the statutory period despite service of demand notice. Thus, respondent had committed offence under Section 138 of the Act.