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TMI Blog2018 (3) TMI 1134X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 has been maintained. 3. As per the case of petitioner, on 07.02.2015 a complaint was filed by the Bank of Baroda through its Branch Manager of Baloda Bazar u/s 138 of the Negotiable Instruments Act, 1881 on 07.12.2015 when 3 cheques issued by the petitioner were dishonoured. The details of cheques are as under :- S. No Bank & A/c No. Drawer Drawee Cheq No. & date Amount Rs. Date of dishonour 1 HDFC Bank 01528630000254 Global Packaging Global Packaging 000502, dt.17.10.15 25 Lakhs 17.10.15 2 HDFC Bank 0152863000254 Global Packaging Global Packaging 00503 dt.27.10.15 25 Lakhs 27.10.15 3 HDFC Bank 0152863000254 Global Packaging Global Packaging 000504 dt.31.10.15 25 lakhs 31.10.15 &nb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, the said cognizance is liable to be quashed and no statement u/s 200 Cr.P.C. was recorded. 6. Per contra, learned counsel for the respondent vehemently opposes the arguments of the petitioners and submits that the said cheques were issued for discharge of liability as against the loan which was availed by the Company and the drawer was Global Packaging and the drawee was also Global Packaging but the Bank inter-meddled as 'holder in due course'. It is stated that when the cheques were presented for encashment for discharge of a debt owed to the complainant Bank they were dishonoured, therefore, the bank has all the right or authority to maintain the complaint u/s 138 of the NI Act. He further submits that the affidavit of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the complaint, the statutory notices were given to liquidate the amount but when the loan was not repaid, the complaint u/s 138 of N.I. Act was filed. In the instant case, though the drawer and drawee were the same, but the cheques which got dishonoured were handed over to the Bank for repayment of the loan, therefore, the status of the complainant Bank under the circumstances would be that of "Holder in Due Course". 8. Section 9 of the N.I. Act defines 'Holder in Due Course' as under: "Holder in due course" means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or endorsee thereof, if (payable to order, before the amount mentioned in it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h presumption." 10. It is apparent from the definition of "holder in due course" that for being a 'holder in due course' of a bill or a cheque, it was not necessary that there should be an endorsement on the bill or cheque. Holder in due course has been defined as any person, who for consideration, becomes the possessor of the promissory note or cheque. In the instant case, according to the complainant the petitioners/accused had obtained the loan from the complainant-Bank and handed over the cheques in repayment of loan and therefore the cheques were held by the Bank in consideration of loan to liquidate the same. A person whose banking account is overdrawn or his loan account is over due, if negotiates with his banker a cheque t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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