1 PGK IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE SIDE Criminal Application No.344 of 2009 IN Criminal Revision Application No.388 of 2009 Mr.Fakruddin Rasool Shaikh .. .. Applicant/ Accused v/s. 1.The State of Mah. & anr. .. .. Respondents Mr.Kishore S. Patil for Applicant. Mrs.A.A. Mane, APP for State. ---- CORAM : SMT.ROSHAN DALVI, J. Dated : 30th November 2009 P.C. : 1.This Application is for grant of bail. The Criminal Revision Application has challenged the order of the learned Magistrate and thereafter the order of the learned Sessions Judge, convicting the Applicant for offence punishable under Section 138 of the Negotiable Instruments Act. The cheque, which came to be dishonoured, is stated to have been issued under a transaction for sale of goods. The goods, which were sought to be sold, are shown not to have been paid for. Hence the cheque of the Applicant dated 3.6.2005 came to be deposited on 2.7.2005 and which was dishonoured on 9.7.2005. 2 2.The fact that it is the case of the Applicant that the transaction was a commercial transaction for sale of certain goods and a blank cheque was given, shows that the cheque was by way of security. Hence it is for the Applicant to show that the amount which represented the price of the goods sold and delivered was paid by him so that the cheque could not be used or deposited. That aspect has not been shown. 3.The principal amount, which is shown to be due and payable, is Rs.3,31,223.49 as on 31.3.2005. Interest is bound to accrue due on the amount. Since that amount was not paid, the cheque, which was given by way of security, was deposited. That security being in blank cheque, the cheque would represent the amount of principal and interest payable thereon till the date of deposit of the cheque. 4.The cross-examination of the complainant by the accused itself shows the suggestion made which constitutes his own admission that on 31.3.2005 Rs.3,31,223.49 was the balance amount due. Interest in a commercial transaction cannot be sidelined. It follows as a matter of course. The cross-examination shows the admission of both the complainant as well as the accused that the principal amount due on 31.3.2005 was Rs.3,31,223.49. 3 5.The principal amount, which is the admitted amount due and payable is Rs.3,31,223.49 on 31.3.2005, which was about 4 months before the deposit of the cheque. The additional amount, which is taken to be by way of interest, is almost 2/3rd of this amount for the 4 months between 31.3.2005 and the date of deposit of the cheque. That much amount cannot accrue due as and by way of interest on Rs.3,31,223.49 within 4 months. Hence a case of grant of bail upon deposit of the principal amount is made out. 6.On the Applicant depositing in this Court the admitted principal amount of Rs.3,31,223.49 within 2 weeks from today, the interim bail shall be continued. If that amount is not deposited, the Applicant shall be taken in custody. 7.At the time of deposit of the aforesaid principal amount, Rs.50,000/-, if already paid, shall be verified and if verified, shall be adjusted. 8.The Criminal Application is disposed of accordingly. (SMT.ROSHAN DALVI, J.)