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2022 (4) TMI 1245 - HC - Indian LawsDishonor of Cheque - One Time Settlement Scheme - essential ingredients of vicarious liability under Section 141 of N.I. Act, present or not - HELD THAT:- . This Court cannot be oblivious nor can it shut its eyes to see that the amount disbursed by the respondent in favour of the SDBL as a loan, is a pubic money and if they are not serious to recover the same and litigating the matter as per their own choice by not initiating any recovery proceeding, the amount which is being offered by the borrower cannot be denied to accept. The proceeding of N.I.Act cannot be kept pending only because the respondent is not willing to settle the dispute despite the fact, as has been discussed above, amount is still lying with the respondent. The overall circumstances and the averments made in the complaint and the excellent ratiocination prima facie made the argument of learned counsel for the petitioners more impressionable, but this Court is uninterested being disinterested to step into that question for the reason that the offer made by the petitioners for adjustment of amount appears reasonable and impregnable. Ergo, to break the chain of elongated litigation pursued unnecessarily for more than two decades and to bring the discord to its logical end, it is opined that the complaint cases should be quashed by adequately compensating the respondent. The proceedings of all the complaint cases, which have given rise to these petitions, are hereby quashed. It is directed that from the deposited amount of the SDBL which is lying in Escrow Account and in possession of the respondent, the total cheque amounts, in all the complaint cases, shall be adjusted and further an amount of ₹ 50 Lac towards compensation and ₹ 20 Lac towards cost of litigation shall also be adjusted - petition allowed.
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