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A Supreme Court Bench has refused to hear cash-strapped retailer Subhiksha's petition seeking a stay on criminal proceedings initiated against it for dishonouring a cheque issued to Kotak Mahindra Bank.
A Bench of Justices Mr Markandey Katju and Ms Gyan Sudha Mishra has opted out of hearing the plea filed by Subhiksha. “List before another Bench to be nominated by the Chief Justice of India,” the bench said.
Kotak Mahindra Bank had filed a criminal case against the retailer, its Managing Director, Mr R. Subramaniam, and two others in 2009.
According to the bank, a cheque issued by Subhiksha worth Rs 35 crore bounced due to lack of funds in the company's account.
Earlier on September 10 last year, the Supreme Court had stayed the orders of the Bombay High Court, which had declined to stay criminal proceedings initiated in the local magistrate's court on the complaint by Kotak Mahindra Bank.
“Until further orders, the operation of the impugned judgment and final order dated September 1, 2010, passed by the High Court of Bombay shall remain stayed,” the apex court had said.
The company and its officials had contended that as the company was based in Tamil Nadu, the case is beyond territorial limits.
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