K.R. RAGHAVENDRA Vs. RAMESH J.

JUDGEMENT

(1.) Both the parties and their respective learned counsel are present before the Court.

(2.) An application is filed under Sec. 147 of the Negotiable Instruments Act ('NI Act' for short), wherein both the parties have stated that they have settled the dispute and the petitioner is liable to pay an amount of Rs.2,00,000.00 as full and final settlement. Out of that, today the petitioner has paid an amount of Rs.80,000.00 by way of Demand Draft and the same has been acknowledged by the respondent. An Amount of Rs.20,000.00 is already deposited before the Trial Court in compliance with the order of the Appellate Court and the petitioner has no objection for the respondent withdrawing the same. The learned counsel for the petitioner sought three months time to pay the balance amount of Rs.1,00,000.00 and the learned counsel for the respondent agreed to give two months time. Hence, two months time is granted to pay the balance amount of Rs.1,00,000.00 in terms of the settlement. The learned counsel submits that the remaining balance amount of Rs.1,00,000.00 will be paid by way of demand draft within two months from today.

(3.) The Trial Court had also imposed fine of Rs.5,000.00to vest with the State. Hence, the petitioner is directed to pay an amount of Rs.5,000.00 within one week from today and place the receipt for having paid the amount before this Court.