DEUTSCHE BANK A G BANKING CORPORATION INCORPORATED GERMANY AND BOMBAY Vs. NIKHIL TRADERS PRIVATE LIMITED

JUDGEMENT

(1.) THESE three Contempt Petitions were disposed of by common order since the parties are the same and they relate to the same facts. The Contempt Petitions were disposed of by Justice Lodha on 23rd and 29th January, 1998. The facts giving rise to these petitions have been narrated in the judgment dated 23rd and 29th January, 1998 by Justice Lodha. It is necessary to narrate them here for the purpose of getting to know the real issues involved. 2. Respondent Nos. 1 to 3 issued three cheques for amounts of Rs. 17 lacs, 15 lacs and 15 lacs towards their liability of outstanding loans and other facilities extended by the Bank. The said three cheques in all amounting to Rs. 47 lacs which were duly signed by respondent Nos. 2 and 3 therein were dishonoured for insufficient funds. This led to the filing of three criminal complaints by the petitioner Bank before the Additional Chief Metropolitan Magistrate, 37th Esplanade Court, Bombay. In all the three complaints the concerned Magistrate issued process which was challenged before the High Court in three different Criminal Applications.

(2.) BY further consent terms dated 12th February 1992, the period of payment as undertook by the respondents was extended by further undertakings of respondent Nos. 1 to 3 that the balance amount of Rs. 49,95,500. 60 was to be paid with interest @ 25% per annum by paying Rs. 15 lacs on or before 17th February 1992, Rs. 15 lacs on or before 20th March 1992 and the entire balance together with interest on or before 20th April 1992. Respondent Nos. 1 to 3 also undertook to pay additional interest @ 5% per annum for the extended time.

(3.) IT is the case of the petitioner Bank that, in terms of the consent terms and the undertakings submitted by respondent Nos. 1 to 3, payment has not been made. As on 31st October, 1997, the amount outstanding was more than a crore of rupees. It is on these facts that the present Contempt Petitions came to be filed. In response to the notice issued replies came to be filed.