:1: IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE JURISDICTION CRIMINAL APPLICATION NO. 2430 OF 2006 Mr.Vinod Kumar Kalani and ors. ..Petitioners (Org.Accd.Nos.3, 4, 6 and 8) Vs. Mr. Avinash Chimanlal Maniar and ors. ..Respondents Ms. S.D. Khot and Mr. Maheen Pradhan for petitioners. Mr. S.R. Mithare i/by Mr. Niranjan Mundargi for respondent no.1. Mr. Kazar Sharawala for respondent no.2. Mr. D.P. Adsule, APP for respondent no.3-State. CORAM: B.H. MARLAPALLE, J. CORAM: B.H. MARLAPALLE, J. CORAM: B.H. MARLAPALLE, J. Date : July 04, 2007. Date : July 04, 2007. Date : July 04, 2007. P.C.: P.C.: P.C.: 1. This application has been filed for quashing the proceedings in C.C. No.40/S/2002 pending before the learned Metropolitan Magistrate, 33rd Court, Ballard Pier Mumbai for an offence punishable under Section 138 of the Negotial Instruments Act, 1881. The application has been filed by the original accused nos. 3, 4, 6 and 8. The petitioner no.2 - original accused no.4 is no more and, therefore, so far as he is concerned the application stands abated. :2: 2. During the pendency of this application, the original accused no.1-company decided to discharge the financial liabilities arising from C.C. No.40/S/2002 in toto and the said amount comes to Rs.15 lacs. The learned counsel for the petitioners, therefore, placed on record a pursis for settlement. It is pertinent to note that the bounced cheque amount was Rs.10,14,595/-. 3. The settlement proposal states that an amount of Rs.1,50,000/- will be paid immediately and the balance amount of Rs.13,50,000/- will be paid in six equal monthly instalments and the seventh instalment shall be for an amount of Rs.1,50,000/- commencing from August, 2007 and the instalments shall be paid on or before the 7th day of each month to the original complainant. 4. To show the bonafides of the settlement, a D.D. for an amount of Rs.1,50,000/- issued by the Tamilnadu Mercantile Bank Ltd. and bearing No.167555 has been handed over today to the learned counsel for the original complainant. The proposal submitted by :3: the accused-company for payment of the balance amount of Rs.13,50,000/- in total seven monthly instalments commencing from August 2007 and as noted hereinabove is hereby accepted and the petition is disposed off by the following directions:- (a) The Company shall pay every month an amount of Rs.2,00,000/- on or before 7th day from August, 2007 till January, 2008 and an amount of Rs.1,50,000/- shall paid by the Company to the original complainant on or before 7th February, 2008 by a DD. (b) The proceedings in C.C.No.40/S/2002 are hereby stayed till the end of February, 2008. (c) On the payment of last instalment due in February, 2008, the parties will approach the learned Metropolitan Magistrate with an application for compounding the offence and an order under Section 147 of the Negotiable Instruments Act, 1881 will be passed by the said Magistrate. The application could be made by both or either of the parties. :4: (B.H. Marlapalle,J.) (B.H. Marlapalle,J.) (B.H. Marlapalle,J.)