2019 (2) TMI 2

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....n that they had failed to make any payment inspite of the notice of demand dated 20.02.2014, in the wake of dishonor of cheque bearing no. 991053 dated 01.02.2014 for Rs. 81 lakhs that had been issued and handed over by them against the account of first petitioner (company accused), the other petitioners having been summoned on account of they being the directors of the company, with reference to vicarious criminal liability under Section 141 of NI Act, 1881. By the petition at hand, presented by invoking the inherent power and jurisdiction of this Court under Section 482 of the Code of Criminal Procedure, 1973 (Cr.P.C.), prayer is made for setting aside of the summoning order and for quashing of the criminal complaint on the submission, in....

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....two relevant clauses referred to by the petitioners reading thus:- "4.2 In consideration of the effort and expense undertaken by Lessor stated above, the Lessee unequivocally undertakes not to terminate this lease deed for any reason whatsoever for a period of six years from the date of this Lease Deed (Lock-in Period") subject however to clause 4.3, 12.4, 13.15 and clause 14.5 below. 4.3 In the unlikely event that Lessee breaches/ contravenes its lock in undertaking above; the parties agree that a sum of Rupees Two Crores Only shall be paid by the Lessee to the Lessor as a reasonable estimation of the loss incurred by the Lessor as a consequence of the Lessee's breach. In such case, the Security Deposit will be adjusted in part as compen....

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....t at all times Lessor holds Security. Deposit equivalent to initial twelve months Rent. Lessee's failure to make payment of an adjustment amount within prescribed and agreed period shall constitue a breach of this Lease Deed and would entitle the Lessor to terminate the lease and forfeit the Security Deposit and to claim for damages equivalent to the rent for the remaining tenure of Lock-in Period." 5. Pertinent to note that while the lessor (the complainant) acknowledged having received and the lessee (the first petitioner) declared to have "paid" the afore-mentioned security deposit, its payment was actually in two equal parts, the second one of Rs. 81 lakhs being "deferred payment" tendered by the cheque dated 01.02.2014, dishonour wher....

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.... lessor (the complainant) as to their claim for damages or for retention of the amount of Rs. 81 lakhs which had been received as the first part of security deposit directing its refund forthwith to the petitioner. But, objections under Section 34 of Arbitration and Conciliation Act, 1996 against the said award are stated to be pending in the civil court and the proceedings in that regard are yet to attain finality. 9. The contention of the petitioners is that the amount of cheque represented a liability which was not due on the date of issuance of the cheque. This contention cannot be accepted as correct at this stage of the process without proper inquiry. Reliance on Raman Iron Foundry (supra) is misplaced inasmuch as the claim arising o....