2024 (7) TMI 1675

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....entered into hire purchase agreement with the respondent/complainant on 29.04.2010 for the purpose of purchasing Offset Printing Machine and Accessories by availing the loan of Rs.5,00,000/- and agreed to repay the loan amount in 25 equal installments with interest at 18% per annum and executed a promissory note in favour of the complainant. The petitioner paid the monthly instalment with interest till 07.01.2011 and paid a sum of Rs.50,000/- in cash on 12.05.2011. Thereafter, the petitioner did not pay the amount and committed default in payment of installments. The amount due and payable by the petitioner to the respondent/complainant is Rs.3,62,493/- and to discharge the debt, the accused issue a cheque bearing No.177310 dated 16.02.2012....

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....pearing for the petitioner submits that the petitioner has deposited the entire cheque amount of Rs.3,62,493/- before the trial Court and a receipt to that effect has been filed before this Court. Hence, he prays that this Court may compound the offence u/s 138 of the N.I. Act, since the petitioner has paid the entire cheque amount. 5. In reply, the learned counsel appearing for the respondent submits that the respondent was made to run from pillar to post for the past about 10 years to get back the loan amount and therefore, he is not agreeing for compounding the offence. 6. Heard the learned counsel appearing for the petitioner and the learned counsel appearing for the respondent. 7. Indeed, the petitioner has obtained a sum of Rs.5,00....

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.... before this Court, however, the respondent has not agreed for compounding the offence. Considering the nature of the offence committed by the petitioner and the fact that he has deposited the entire cheque amount of Rs.3,62,493/- before the trial Court, though the respondent is not willing for compounding the offence due to the difficulties caused to him, however, it should not be lost sight of that the penal consequence under Section 138 of Negotiable Instruments Act is only for person who do not show any remorse and in the case on hand, the petitioner having paid the entire amount, principles of natural justice warrant compounding of the offence, but at the same time, seeing to it that the respondent is also compensated for the difficult....