2021 (1) TMI 16

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....2004 is filed against the judgment dated 19.10.2004 in C.C.No.666/2001 on the file of the Judicial First Class Magistrate Court, Ottappalam. 2. The appellant in these appeals are same. They initiated 5 cases under Section 138 of the Negotiable Instruments Act against one Mohandas. Mohandas is the party respondent in these 5 appeals. Since all these five appeals are filed by the complainant in the above 5 cases against the same person who is the accused in those cases and the transactions alleged in all these five cases are one and the same, I am disposing of these five appeals by a common judgment. [The parties are mentioned in this judgment according to their rank in the lower court]. 3. The case of the complainant in brief is as fol....

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....ara, Vaniamkulam Partners of M/s.Reshma Industries and Power forging Centre, Koonathara. 1) In pursuance and as per the deed of partnership dated 17.8.96 M/S.Reshma Industries and power forging centre, koonathara is being owned and run by us under the management of number one among us and 2) That on verification of accounts it is found and parties mutually agrees that the firm has at present a total liability to the tune of Rs. 7,46,807 as per the two different loans availed from the State Bank of India, Vaniyamkulam Branch CC SSI 114 with Rs. 307466.50 Principal amount borrowed CRL.APPEAL Nos.80,81,82,83/2014 and a term loan with Rs. 2,70,185 as principal amount borrowed. 3) That as per the mutual agreement enter....

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.... of any of the above said provision or in the event of dishonour of the cheques mentioned above ie. breach of Number 1 to pay off the entire amount of Rs. 2,52,000/- by arranging funds in his account with in the stipulated time Number 2 among us will have absolute right and liberty to takeover the entire firm and to manage and take profits whatsoever and to sell the firm with all the assets to the business to any person of her choice and Number one will not be having any right or claims what so ever to dispute or challenge it and all his right will stands relinquished and will ceases to be a co- owner or partner and ipso facto looses his authority to manage the business of the firm. 8) Number one among us assured and made to belive....

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.....R. Vijayan sd/- 2. P.Kesavan sd/-" 7. In clause 4 of the agreement, the details of the five cheques are mentioned. In paragraph 6 of the agreement, it is stated that, after paying the entire amount of Rs. 2,52,000/-within the time stipulated as above Number 1 (accused) will release Number 2 (complainant) among from the bank liability as well as all other liabilities of the firm by substituting another person or by taking other appropriate steps acceptable to the Bank and at that point the partnership will stand dissolved and Number 2 (complainant) among them will retire from the partnership and cease to be a partner of the firm. But as per clause 6 in the above agreement, it is stated that "it is made clear that till the entire....