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2021 (5) TMI 49 - HC - Indian LawsDishonor of Cheque - insufficiency of funds - acquittal of the accused - compounding of the offence - HELD THAT:- The respondent bank has received ₹ 8,00,000/- under one time settlement, this Court sees no impediment in accepting the prayer made on behalf of the petitioner for compounding of offence while exercising power under Section 147 of the Act as well as in terms of guidelines issued by the Hon’ble Apex Court in Damodar S. Prabhu V. Sayed Babalal H. [2010 (5) TMI 380 - SUPREME COURT], wherein it has been categorically held that court, while exercising power under Section 147 of the Act, can proceed to compound the offence even after recording of conviction by the courts below. The present matter is ordered to be compounded and impugned judgments of conviction and sentence by the courts below are quashed and set-aside - the petitioner-accused is acquitted of the charge framed against him under Section 138 of the Act - petition allowed.
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