2015 (9) TMI 1189

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....he had borrowed a sum of Rs. 10,00,000/- towards developing a college viz., "Sri Krishna Engineering College". Towards repayment of the same, petitioner issued three cheques bearing Nos.214014, 214015 and 701617 dated 30.06.2002, 31.07.2002 and 02.08.2002 respectively drawn on Indian Overseas Bank, Kilpauk, Chennai. Respondent presented the cheques for payment in Lakshmi Vilas Bank, Panruti, on different dates but the same were returned unpaid owing to "insufficient funds". Respondent/complainant caused statutory notice on 12.09.2002 and petitioner/accused having received the same, failed to effect repayment. Hence, in keeping with the provisions of Section 138 of the Negotiable Instruments Act, respondent/ complainant preferred complaint. ....

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....eturned unpaid for the reason 'insufficient funds' on 07.08.2002. Again, respondent presented the same cheque and an other cheque bearing No.701617 on 31.08.2002 and the same were returned for the same reason on 05.09.2002. Likewise, the cheque bearing No.214015 was also returned. Thereafter, presentation of the cheque, return thereof, issuance of statutory notice and preference of complaint in keeping with Section 138 of the Negotiable Instruments Act are informed.' 7. Two of the cheques are drawn on the account of the College and one on the account of the Trust. Only the signatory of the cheque/Chairman of the College has been arrayed as an accused. When admittedly, borrowings were effected towards development of the Col....