2018 (1) TMI 1699

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....h February, 2010, defendants had borrowed Rs.2,50,00,000/- for a period of two months. Defendants No.2 and 3 are stated to have executed Deed of Guarantee to secure loan. 3. The repayment cheques issued by the defendants admittedly were dishonoured by the bank with the remarks 'funds insufficient'. 4. In a proceeding under Sections 138, 141 and 142 of the Negotiable Instruments Act, the defendants proposed a settlement under which they offered to pay Rs.3,22,02,660/- along with pendente lite and future interest @24% per annum till the date of full realisation of the entire amount. During the pendency of said proceeding, the parties duly executed a Compromise Deed/Contract dated 31st August, 2013 wherein the defendants undertook to pay Rs.....

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....irty Eight Lakhs Sixty One Thousand Nine Hundred Seven Only) against his all claims which he raised in the present suit but subject to encashment of two cheques mentioned hereunder and as will be given by the defendants to the plaintiff in furtherance of this settlement; if said cheques will return unpaid by any reason whatsoever, then full amount of the suit as prayed in the plaint, shall be decreed against all the defendants jointly and severally as admitted by the all defendants in earlier settlement/compromise dt. 31.08.2013. 10.2 It is further agreed that the defendants will pay aforesaid settlement amount of Rs.2,38,61,907/- (Rupees Two Crores Thirty Eight Lakhs Sixty One thousand Nine Hundred Seven Only) by way of following cheques....