2020 (10) TMI 469

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....aring for the petitioner would submit that the respondent lodged complaint as against the petitioner herein under Section 138 of NI Act. He further submitted that the petitioner was already instructed the respondent not to present the cheque by the communication dated 20.06.2018 and even then the respondent presented the cheque for collection on 15.09.2018. He further submitted that the petitioner already filed application to declare himself as insolvent and the same also taken on file by the learned Principal District Judge, Srivilliputtur in I.P.No.5 of 2018. In fact the petitioner also issued notice dated 20.06.2018, and categorically informed about the pendency of the insolvency proceedings and called upon the respondent not to deposit ....

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....7, thereby the petitioner is liable to pay a sum of Rs. 1,86,00,000/- to the respondent herein. Hence, the petitioner had entered into an agreement on 24.04.2018 and he agreed to pay the due amount. In order to pay the part of the above amount, the petitioner issued cheque for a sum of Rs. 15,00,000/-. The said cheque was present for collection and the same was returned dishonour for the reason that "Funds insufficient". It was duly informed to the petitioner herein and after his instruction, the cheque was once again presented for collection. Again it was returned dishonour for the reason that "Drawer's signature differ". Therefore after issuing statutory notice, respondent initiated the present proceedings for the offences punishable ....

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....ction 482 Cr.P.C. proceedings. 13.In view of the foregoing discussion, we allow the appeal, set aside the impugned order and restore the aforementioned complaint case to its original file for being proceeded with on merits in accordance with law. 8. Recently, the Hon'ble Supreme Court of India dealing in respect of the very same issue in Crl.A.No.1572 of 2019 dated 17.10.2019 in the case of Central Bureau of Invstigation Vs. Arvind Khanna, wherein, it has been held as follows: "19. After perusing the impugned order and on hearing the submissions made by the learned senior counsels on both sides, we are of the view that the impugned order passed by the High Court is not sustainable. In a petition filed under Section ....