Shruti Paper Co. (Proprietorship Firm) Thr. Its Proprietor v. India Bulls Financial Services Ltd

ORDER %

27.05.2013 The above captioned two petitions arise out of a business loan transaction between the parties and since not only the parties are common in both these matters but even dishonouring of two cheques of ?14,50,000/- Crl Rev. P. No. 314/2013 Page 1 Crl. Rev. P. No. 316/2013 . and?53,152/-is relatedtosinglebusinessloan transactionand so, boththese petitions assailing petitioner's conviction and sentence under complaint under Section 138 of the Negotiable Instruments Act, 1881 have been heard together and are being disposed of by this common order. In the above captionedfirst petition,the dishonouredcheque was of ?14,50,000/- whereas in the above captioned second petition, the dishonouredchequewas of?53,152/-.Impugnedjudgmentof2"'' May, 2013 upholds petitioner's simple imprisonment of six months in the above captionedfirst petitionand simpleimprisonmentof one month in the above captioned second petition with fine / compensation of ?6,00,000/- and ?55,000/- respectively. Ms. Manju Kansal, wife of proprietorof petitioner-firmappears in personand draws attentionofthis Courtto the Settlementof 17"' May, 2013 (Annexure P-4) and submits that petitioner is already behind bars for a period of more than twenty days and the Settlement(Annexure P-4) has been acted upon and so, sentence imposed upon petitionerdeserves to be reducedto the periodalreadyundergoneby him, as shehas instructionsfrom petitioner-husbandto submitthat in case any of the post dated cheques of the settledamountget dishonoured,then petitioneris ready to undergothe substantivesentenceawardedto him by this Court. Upon notice, Mr. Arun Kumar, Authorized Representative of respondent-companyappearsand has shownhis originalPower ofAttorney of2°''April,2013 in his favourand has placedon recordsits copy, whichis directedto be taken on record. He has also placed on record his affidavit confirmingfactum of settlementarrivedat with petitioner-firmand submits that in termsthereof,asum of?5,00,000/-[^2,00,000/-by way ofabanker's Crl Rev. P. No. 314/2013 Crl. Rev. P.No. 316/2013 cheque and ? 2,00,000/-and ?1,00,000/-by way of two demand drafts] has been already received by respondent-company and in view of four post dated cheques of ?2,00,000/- each handed over by petitioner-firm to respondent - company, the sentence imposed upon petitioner can be reduced to the period already undergone by him subject to furnishing an undertaking by petitioner that in the event of dishonouring of these post dated cheques, petitioner will undergo the substantive sentence so indicated by this Court. Upon perusal of the impugned judgment, I find no infirmity in it. However, keeping in view the Settlement (Annexure P-4) arrived at between the parties, the substantive sentence awarded to petitioner is reduced to the period already undergone by him with the rider that in case any of the four post dated cheques are dishonoured, then petitioner shall be made to undergo simple imprisonment of six months each. Petitioner be released forthwith, if not wanted in any other case. Upon release from jail, petitioner shall furnish an undertaking before the trial court within a week that the post dated cheques in question will be honoured and the trial court shall ensure that the post dated cheques are honoured and in case of any single default, petitioner be made to undergo substantive sentence, as indicated above. With aforesaid modification, above captioned petitions and applications are disposed of Copy of this order be given dasti under the signatures of Court Master to petitioner's wife. (SUNIL GAUR) JUDGE MAY 27, 2013 r Crl. Rev. P. No. 314/2013 Page 3 CrI. Rev. P. No. 316/2013

$--20 & 21 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CRL.REV.P. 314/2013 & Crl. M.A. Nos.8623/2013 & CrL M.A. No. 8624/2013 & CrL M.A. No.1117/2013 SHRUTI PAPER CO. (PROPRIETORSHIP FIRM) THR. ITS PROPRIETOR Petitioner Through: Ms. Manju Kansal, wife of proprietor of petitioner-firm versus INDIA BULLS FINANCIAL SERVICES LTD Respondent Through: Mr. Amn Kumar, Authorized Representative + CRL.REV.P. 316/2013 & Crl. M.A. No. 8660/2013 & . Crl.M.A. No.8660/2013 & Crl. M.A. No. 8686/2013 SHRUTI PAPER CO. (PROPRITORSHIP FIRM) THR. ITS. PROPRIETOR Petitioner Through: Ms. Manju Kansal, wife of proprietor of petitioner-firm . versus INDUABULLS FINANCIAL SERVICES LTD Respondent Through: Mr. Arun Kumar, Authorized Representative CORAM: HON'BLE MR. JUSTICE SUNIL GAUR