GURUDAS Vs. VIKAS URBAN CO-OPERATIVE BANK

JUDGEMENT

(1.) THIS Court vide orders dated 11.12.2013 on I.A. No.1/2013 condoned the delay while admitting the revision petition.

(2.) THE learned counsel for petitioner and respondent are present before the Court. They have filed an application under Section 147 of the Negotiable Instruments Act, 1881 (hereinafter referred to as 'N.I. Act' for brevity), seeking permission to compound the offences punishable under Section 138 of N.I. Act and seeking the indulgence of this Court to set aside the orders passed by the Magistrate. The parties have also filed affidavits in this regard stating that the entire matter is settled between them. Sri Bahubali N. Jain, Manager, Vikas Urban Bank, Yellapur, in his affidavit has stated that in view of the compromise entered into between Vikas Urban Bank, Yellapur and the accused petitioner herein, no amount is due from the petitioner herein. Therefore, he has no objection to pass appropriate orders. In the affidavit it is also stated that the revision petitioner has totally deposited a sum of Rs.13,000/ - before the trial Court. The same may be permitted to be withdrawn by the respondent and direction may be issued to that effect to the trial Court. It is seen from the records that the trial Court has convicted the petitioner herein and sentenced him to undergo imprisonment for a period of one year and to pay fine of Rs.5,000/ -, in default to undergo simple imprisonment for one month. The Court also ordered compensation of Rs.75,000/ - by exercising the powers under Section 357 of of Code of Criminal Procedure, 1973 (hereinafter referred to as 'Cr.P.C.' for brevity). The said order has been challenged before Sessions Court in Crl.A.5/2009, which was dismissed on 26.10.2010. Against that order, the present revision petition is filed.

(3.) THE Hon'ble Supreme Court in a decision between K. Gyansagar v. Ganesh Gupta and Another, 2006 CrLJ 948 held that