R. PALANIVELU Vs. M.P. NATARAJAN

JUDGEMENT

(1.) THIS revision arises against two concurrent judgments of Courts below convicting the petitioner of offence u/s. 138 of the Negotiable Instruments Act, sentencing him to undergo 1 year S.I. and requiring him to pay compensation in a sum of Rs.60,00,000/ - to the complainant within three months.

(2.) PROSECUTION case:

(3.) IT is common case that this petitioner, as owner of an extent of 10.6 acres in Survey Nos. 101/2A and 103 2/A at Piriyankuppam Village, had entered into a sale agreement with the respondent/complainant on 22.05.2006. The case of petitioner is that the agreement covered only an extent of 10 acres and the question regards the balance 60 cents was to be decided later. Rs.15 lakhs per acre was agreed upon and thus, the total consideration of Rs.1,50,00,000/ -, 131 plots were formed of 10 acres. As per the agreement, upon receipt of payment for plots, petitioner was to convey the same to respondent or his nominees or execute Powers of Attorney. It is petitioner's further case that the time of six months envisaged in the agreement expired on 22.11.2006, that upon the respondent's failure to abide with the terms, the period was extended for six months upto 22.05.2007. Even on such date, respondent had failed to complete his part of the bargain. The payment of entire sum of Rs.1.50 crores was completed by the respondent only on 22.06.2007. Since on such date 24 plots were unconveyed, the petitioner demanded an enhanced sum of Rs.1 lakh for each of the plots on account of the undue delay and steep escalation of price of land. The respondent had paid the said amount of Rs.24 lakhs as follows: