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TMI Blog2014 (4) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocate with Shri Piyush Bhatnagar, Advocate, Shri Akhilendra Singh, P.L O R D E R Aforesaid bunch of M.Cr.Cs is heard and decided together by this common order because aforesaid M.Cr.Cs have been preferred by common petitioner against the common defendant seeking quashment of respective criminal proceeding under section 138 of Negotiable Instruments Act (in short NI Act) pending in the trial court on the basis of complaint of respondent against the petitioner. 2. Necessary facts of the case, in short, are that petitioner is public limited company of Som Group of Companies engaged in business of distribution of India made foreign liquor having its registered office at Raisen. Respondent is statutory body, M.P. State Industrial Developm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lok Adalat after settlement of amount and account. 7. According to petitioner in pursuance of OTS policy, petitioner is keen and ready to repay the cheque amount of each of the criminal case pending in the court of JMFC. Placing reliance on 2010 (5) SCC 663 (Damodar S Prabhu Vs. Sayed Babalal H ), learned counsel submitted that according to guidelines in supra, petitioner wants to resolve the dispute but respondent Corporation is declining the proposal on whims of some officials that too in utter disregard of OTS Scheme and is allowing litigation to remain pending since more than 10 years, whereas pendency of such prosecution is improper and incorrect in law at least after offer given by the petitioner that too under intervention and monit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounding of the offences at the first or second hearing of the case and that if such an application is made, compounding may be allowed by the court without imposing any costs on the accused. (b) If the accused does not make an application for compounding as aforesaid, then if an application for compounding is made before the Magistrate at a subsequent stage, compounding can be allowed subject to the condition that the accused will be required to pay 10% of the cheque amount to be deposited as a condition for compounding with the Legal Services Authority, or such authority as the Court deems fit. (c) Similarly, if the application for compounding is made before the Sessions Court or a High Court in revision or appeal, such compounding may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by MPSIDC which is a part of the Scheme of arrangement, settlement and compromise under Sections 391 and 392 of the Companies Act, 1956, as per Clause 4.3 of the Scheme, the Secured Creditors may settle by way of assignment of debts recoverable by the company from its debtors in terms of the prevailing One Time Settlement of the company of an equivalent amount in favour of the Scheme Creditors. Hence we understand that the Board of MPSIDC is of the view that Creditors of MPSIDC can be swapped with the debtors of MPSIDC. Option-II: We offer to pay the MPSIDC on terms on which MPSIDC settles its creditors. In this case, we offer to start repayment by paying 10% as an advance and we shall abide our repayment on pro-rata to the settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e R-5) dated 04/01/2014 which reads as below:- "The position of your dues as on 31/12/2013 is as under:- Date of ICD ICD Amount Rate of Interest Due date ICD OD Interest OD Total dues as on 31/12/13 24/11/1998 125 18 21.03.01 125 1342.83 1467.83 24/11/1998 300 18 01/12/01 300 3818.75 41118.75 13/01/1999 200 18 06/01/02 200 2478.24 2678.24 25/01/199 100 18 03/08/02 100 1320.81 1420.81 06/12/99 300 17 27/10/04 300 3261.63 3561.63 13/01/2000 450 17 25/04/05 450 5236.04 5686.04 Total 1475 1475 17458.3* 18933.3* Placing reliance on (2012) 3 MPLJ 349 (JIK. Industries Ltd & others Vs. Amar Lal V Jumani & another ), learned counsel for Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd trial court extended full opportunities and latitude to both the parties to reach at amicable solution in terms of reasonable amount against each cheque, but gap between offered amount and due amount is very high, prima facie appears to be beyond the scope of negotiation also. 14. In present criminal cases offence under NI Act has been committed years before prior to the introduction of OTS Scheme. For offence already committed years before cannot be automatically compounded as a matter of resolution of the Scheme as a matter of right. Compliance of Scheme is sincere and utmost duty of officer of Corporation, offer of petitioner can be accepted only if that tallies with the provisions of Scheme and should be in consonance with the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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