part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit ... paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall, without prejudice
Neemuch Emballage Ltd.,
Mumbai was granted financial assistance by Andhra Bank under various
facilities. On account of default in repayment of loans, the bank filed ... suit for recovery of the amount payable by the borrower company. The bank
also filed a complaint against the company, its Managing Director
dated for 8-2-2001 for Rs. 45,000 drawn on Syndicate
Bank, Kudremukh Branch. Consequently, on 8-2-2001, the
complainant had presented this ... cheque through Karnataka
Bank, Ranebennur for encashment. However, on 16-2-2001
the said Bank issued a return memo stating that the `Payment
has been
accused No.4. The other three accused are
officials of the Andhra Bank.
3. The accused No.4-Company was granted financial
assistance ... Andhra Bank, Opera House
Branch under various facilities. On account of
default in repayment of the loans, the Bank
filed a suit for recovery
cheque is delivered for collection through an account, the branch of the bank where the payee or holder in due course, as the case ... course, otherwise through an account, the branch of the drawee bank where the drawer maintains the account, is situated. Explanation.— For the purposes of clause
company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held ... whether singly or taken together) by the Government or the Reserve Bank of India or a corporation owned by that bank
credit card, not being an "add-on" card, issued by any bank or institution; or (vi) is a member of a club where entrance ... crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or (ii) has incurred expenditure
such sugar by any producer or importer in favour of any scheduled bank as defined in clause (e) of section 2 of the Reserve Bank ... India Act, 1934 or any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings
located; or (c) the branch or any other office of a bank or financial institution is maintaining an account in which debt claimed is outstanding ... created after the issuance of notice of default and demand by the Bank under sub-section (2) of section
aggregate amount of financial assistance granted and the total claim of the Bank as on the date of filing the application; (ii) the borrower ... created security interest over various properties and that the Bank or Financial Institution is holding a valid and subsisting security interest over such properties
