Search Results Page
Search Results
1 - 7 of 7 (0.19 seconds)Section 174A in The Indian Penal Code, 1860 [Entire Act]
The Indian Penal Code, 1860
The Code of Criminal Procedure, 1973
Section 138 in The Negotiable Instruments Act, 1881 [Entire Act]
Section 139 in The Negotiable Instruments Act, 1881 [Entire Act]
Nepc Micon Limited And Others vs Magma Leasing Limited on 29 April, 1999
13. The accused did not deny receipt of the legal notice and rather in his
crossexamination, the accused admitted receiving legal notices from the
complainant demanding the amount due as alleged in the present case and also
admitted that he did not send any reply to said legal notice. Thus despite service
of the legal notice upon the accused he failed to repay the amount within fifteen
days of receipt of the legal notice . The Bank's endorsement of 'account closed'
vide the return memo Ex. CW1/2 attracts the punishment U/s 138 NI Act in view
of the judgment of Hon'ble Supreme Court in 'NEPC Micon Ltd. Vs. Magma
Leasing Ltd' AIR 1999 SC 1952 wherein it was observed as under:
"...Hence when the cheque is returned by a bank with an
endorsement a/c closed it would amount to returning the cheque
unpaid because the amount of money standing to the credit of
that account is insufficient to honour the cheque".
1