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Issues involved: Delay in filing the Petition, Dishonor of cheque leading to legal action under Section 138 of the Negotiable Instruments Act, 1881, Failure to honor settlement agreement, Challenge to court orders.
Delay in filing the Petition: The delay of 8 days in filing the Petition was condoned by the court based on the reasons provided in the application, and the application was allowed. Dishonor of cheque under Section 138 of the Negotiable Instruments Act, 1881: The Petitioner issued a cheque to the Respondent Bank which was dishonored due to insufficient funds. A demand notice under Section 138 of the Act was ignored, leading to a complaint being filed by the Respondent Bank under Section 138 read with Section 141 of the Act. Failure to honor settlement agreement: Despite entering into a settlement agreement with the Respondent Bank to pay a certain amount in installments, the Petitioner failed to honor the agreement citing health reasons. The court noted the Petitioner's repeated breaches of the settlement terms and dismissed the application for modification of the settlement agreement. Challenge to court orders: The Petitioner challenged the court orders regarding the settlement agreement before the learned ASJ, but the challenge was unsuccessful. The court emphasized that once a settlement is accepted by the court, it becomes binding on the parties, and the Petitioner's conduct did not warrant any leniency. The court held that the orders passed by the learned MM and ASJ were legal and valid, finding no illegality or irregularity in them. Consequently, the Petition was dismissed for lacking merit, and any pending applications were disposed of.
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