RAJESH BINDAL,J - (1.) HARJEET Singh petitioner No. 1 who is the proprietor of petitioner No. 2 M/s. Guru Nanak Traders, through the present petition has challenged the order of his conviction passed by the Judicial Magistrate Ist Class, Ludhiana, under Section 138 of the Negotiable Instruments Act, 1881, which was upheld by the Additional Sessions Judge (FTC), Ludhiana. He has been sentenced to undergo rigorous imprisonment for a period of one year and fine of Rs. 4,000/-. In default of payment of fine, he is to undergo further imprisonment for two months.
(2.) THE complaint in the present case was filed by the respondent on account of dishonour of cheques bearing nos. 601922 and 601923 dated 21.10.2003 for Rs. 50,000/- each, issued by the petitioner in his favour. Learned counsel for the petitioners submits that after conviction of petitioner No. 1 in the present case, the dispute between the parties has been settled by way of compromise and in terms thereof, the entire amount due against the petitioners of the cheques, in question, in complaint has already been paid, and accordingly, the offence may be compounded and the conviction of petitioner No. 1 be set aside.
(3.) THIS fact is not disputed by the learned counsel appearing for the respondent, rather he very fairly submitted that he has no objection in case the conviction of the petitioner is set aside. The respondent, who was present in court in person, had admitted the factual position. He has been identified by his counsel. The respondent has also filed his affidavit in the court, in this regard.;