SHREE RADHEY TRADING CO. Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The Applicants in this Application have challenged the order passed by the learned Additional Sessions Judge, Court Room No.54, Greater Bombay on 8/5/2023 in Criminal Appeal No.701 of 2022 arising from CC No.8452/SS/2015 pending before the learned Metropolitan Magistrate, 33rd Court, Ballard Pier, Mumbai.

(2.) Heard Shri. Subhash Jha, learned counsel for the Applicant, Shri. A.R. Patil, learned APP for the State-Respondent No.1 and Shri. Yashpal Thakur, learned counsel for the Respondent No.2.

(3.) The Applicants were the original Accused in the proceedings before the learned Magistrate. The complainant i.e. the Respondent No.2 herein had initiated the said prosecution under Sec. 138 of the Negotiable Instruments Act, 1881 (for short 'the N.I. Act '). The case of the complainant was that, the complainant was carrying on business as a Spot Exchange providing for an electronic platform for spot contracts in commodities on a compulsory delivery basis since 2008. The Accused committed certain defaults in pay-ins on the exchange by the Accused and a huge amount was due and payable by them. Towards part payment and in discharge of partial liability, the Accused issued cheque No.877895 dated 21 st December 2011 of Rs.31,06,90,279.00 drawn on Punjab National Bank, Spl. SSI Branch, Sharanpur (UP). This cheque, on presentation, was dishonoured. After complying with the statutory requirements, the prosecution was launched. At the end of the trial, the Accused No.2 was convicted for the offence punishable under Sec. 138 of the N.I. Act and was sentenced to pay a fine of Rs.62,13,80,55.00 within one month from the date of order; and in default, Accused No.2 i.e. Applicant Ramesh Nagpal herein was sentenced to suffer further simple imprisonment for six months. The fine amount, if recovered, was directed to be paid to the complainant as compensation under Sec. 357(3) of Code of Criminal Procedure, 1973 (for short ' Cr.P.C .').