will duly repay the loan amount along with interest within a reasonable period of time. Believing his words, the respondent released loans in favour of the petitioner on various occassions and the petitioner, on various occassions paid money towards partial satisfaction of the interest payable to the respondent for the loans he had availed from him. But, the petitioner failed to repay the entire sum due to the respondent even after repeated demands from him. During September 2011, when the respondent contacted the petitioner and demanded him to pay the total outstanding amount including the principal and interest, the petitioner issued a cheque for a sum of Rs.20,00,000/towards part settlement of the total outstanding amount and promised to repay the balance sum with interest at the earliest. When the respondent presented the cheque with his banker, Axis Bank, Tirupur Branch, it was dishonoured for the reason 'funds insufficient'. Hence, the respondent herein filed a complaint against the petitioner under Section 138 of the Negotiable Instruments Act.
