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2021 (6) TMI 868 - HC - Indian LawsDishonor of Cheque - efficacious remedy by way of filing appeal - compounding of the offences - amicable settlement of the dispute - Section 141 of the Negotiable Instruments Act, 1881 - HELD THAT:- Considering the object of Section 138 of the NI Act, which is mainly to inculcate faith in the efficacy of banking operations and credibility of transacting business through cheque as also taking into account the provisions of Section 147 which states that every offence punishable under this Act shall be compoundable. Further, it is mainly a transaction between the private parties where the State is not affected. This Court is aware that the ideal remedy for the parties ought to have been to prefer an appeal as available under the law. The guidelines as prescribed in the case of DAMODAR S. PRABHU VERSUS SAYED BABALAL H. [2010 (5) TMI 380 - SUPREME COURT] also provide for instituting proceedings for compounding the offence before the appellate court as the present proceedings are preferred after an order of conviction by a competent court. Taking into account the fact that the parties have settled the dispute amicably,in view of this court the compounding of the offence is required to be permitted - Application allowed. Generally the powers available under Section 482 of the Code would not have been exercised when a statutory remedy under the law is available, however considering the peculiar set of facts and circumstances it would not be in the interest of justice to relegate the parties to appellate court. Additionally when both the parties have invoked the jurisdiction of this Court and there is no bar on exercise of powers and the inherent powers of this court can always be invoked for imparting justice and bringing a quietus to the issue between the parties and hence, the present application is entertained.
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