TMI Blog2020 (9) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... iscussed here-in-above on the production of certified copy of this judgment by respondent. In view of the above statement of the learned counsel for the petitioner, the respondent/complainant is entitled to receive the compensation amount of ₹ 3,34,000/-. In case, the compensation amount is deposited with the Trial Court or put in the Fixed Deposit, then all the interest accrued, thereupon shall also be given to the complainant. However, if there is short fall in deposit of compensation then such short fall shall be met with by the convict/petitioner on or before 31.3.2020. It is made clear that the interest, if any, accrued upon the fixed deposit shall not be treated towards compensation and total compensation amount shall have to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 397 read with Section 401 of the Code of Criminal Procedure. 3. The facts of the case apposite to decide the present petition are that the accused applied for the grant of term loan in the sum of ₹ 5,40,000/- vide application dated 18.11.2011 for the purchase of tractor and the aforesaid loan was sanctioned in his favour. He executed various documents in favour of the complainant/Bank and undertook to repay the loan amount in 57 monthly installments, each of ₹ 9474/- with accrued interest commencing from February, 2012 and undertook to pay interest @ 15% per annum with monthly rests. The loan amount was disbursed to the accused on 23.11.2011 and account No. 32947216408 was opened with the complainant. On 30.6.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be compounded and all proceedings are quashed on the following grounds:- I. The jurisprudence behind the N.I. Act is that the business transactions should be honoured. The legislative intention is not to send the people to suffer incarceration because their cheque was bounced. These proceedings are simply to execute the recovery of cheque amount by showing teeth of penal loss. II. This Court has inherent powers under Section 482 of the Code of Criminal Procedure which are further supported by Section 147 of the N.I. Act to interfere in these kind of matter where parties have paid the entire money and where the complainant does not object to clear all the proceedings. 7. In view of the entirety of the facts of the case, as well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of the judgment passed by a Larger Bench of Hon'ble Supreme Court in Damodar S. Prabhu v. Sayed Babalal H., (2010) 5 SCC 663, whereby following law for compounding of offences punishable under Negotiable Instruments Act, 1881 was laid down: ....21...THE GUIDELINES (i) In the circumstances, it is proposed as follows: (a) That directions can be given that the Writ of Summons be suitably modified making it clear to the accused that he could make an application for compounding of the offences at the first or second hearing of the case and that if such an application is made, compounding may be allowed by the court without imposing any costs on the accused. (b) If the accused does not make an application for compoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manner discussed here-in-above on the production of certified copy of this judgment by respondent. In view of the above statement of the learned counsel for the petitioner, the respondent/complainant is entitled to receive the compensation amount of ₹ 3,34,000/-. In case, the compensation amount is deposited with the Trial Court or put in the Fixed Deposit, then all the interest accrued, thereupon shall also be given to the complainant. However, if there is short fall in deposit of compensation then such short fall shall be met with by the convict/petitioner on or before 31.3.2020. It is made clear that the interest, if any, accrued upon the fixed deposit shall not be treated towards compensation and total compensation amount shall ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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