- 1 - sr907 rng IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION CRI.APPLICATION NO.1421 OF 2010 1.M/s Precimax Engineers Ltd 2.Shri Lalit G.Shahani 3.Shri Gul Shahani .. Applicants vs 1.M/s Shree Shyam Steels 2.The State of Maharashtra .. Respondents Mr.S.P.Kanuga with Mr.H.P.Vyas for Applicants Mr.M.P.Womarkar i.b M/s Maravoor Wamarkar & Co for Respondents Mr.S.A.Shaikh for State (Orig.Complt) Sunil Ghanekar present CORAM: K.U.CHANDIWAL, J DATE: 18 th October,2011 P.C. 1. Respondent (Original complainant) Sunil Ghanekar present in Court. Heard learned counsel for the Applicant M/s Precimax Engineers Ltd and also learned counsel for Shree Shyam Steels. Proceedings under section 138 of the Negotiable Instrument Act are question as were initiated by the Respondent Shree Shyam Steels. Learned counsel for the Applicant submits that the Applicant is ready to settle the controversy arising out of the impugned cheque by making payment of Rs.2,50,000/- (Rupees Two lacs fifty thousand only) payable in three equal monthly instalments commencing from 1.11.2011. - 2 - sr907 2. Learned counsel for the respondent (Original Complainant) agrees the proposal and consequently withdraws the prosecution initiated before the Additional Chief Metropolitan Magistrate, Mazgaon, Mumbai being C.C.No.59/SW/2009. 3. In the light of above situation, proceedings are quashed and set aside. If there is default in payment of instalments or above referred amount, Petition shall stand restored to original position. K.U.Chandiwal,J