Pavan Krishna Jadhav vs The State Of Maharashtra
2024 Latest Caselaw 2421 Bom

Bombay High Court

Pavan Krishna Jadhav vs The State Of Maharashtra on 25 January, 2024

Author: Prakash D. Naik

Bench: Prakash D. Naik

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              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                    CRIMINAL APPELLATE JURISDICTION
                    WRIT PETITION (STAMP) NO.1464 OF 2024

     Pavan Krishna Jadhav                                 ....Petitioner
          vs.
     The State of Maharashtra & Anr.                      ...Respondents
                                        ....
     Mr. Ishan Kapse, a/w. Mr. Saakshat Relekar, for the Petitioner.
     Mr. Arfan Sait, APP, for State/Respondent.
                                        ....
                         CORAM : PRAKASH D. NAIK, J.

                                  DATE     : 25th JANUARY, 2024
     P.C. :

1. The Petitioner is convicted for an offence under Section 138 of the Negotiable Instruments Act ('N.I. Act') vide judgment and order dated 8th September, 2023 passed by learned J.M.F.C., Ajra, in S.C.C. No.8 of 2021. The Petitioner is sentenced to suffer simple imprisonment for one year and to pay fine of Rs.5000/-. He was directed to pay compensation of Rs.1,11,00,000/-. The Petitioner preferred an appeal before the Sessions Court, Gadhinglaj, viz. Appeal No.41 of 2023. The Petitioner prayed for 100% exemption from payment of compensation in accordance with Section 148 of the N.I. Act. The learned Additional Sessions Judge, vide order dated 6 th October, 2023, directed the Petitioner to deposit 20% of the cheque amount within a period of three months, i.e. on or before 5 th January 2023. The period to deposit was subsequently extended upto 29 th January, 2023.

sg 13.wpst1464-24.doc

2. Learned Advocate for the Petitioner submitted that the Petitioner is entitled for exemption from depositing the compensation amount in accordance with Section 138 of the N.I. Act. It is submitted that the complainant is the bank. The complainant bank had initiated proceedings under the SARFAESI Act. The bank has taken possession of the immovable property Milkat No. 524, situated at Shippur, Taluka Gadhinglaj bearing Gat No.707 with construction and factory shade. The market value of the same is Rs,70,00,000/-. The Kaju Kopping and sorting machine is worth Rs.40,000/-, possession of which is with the bank, which is lying in the factory shade. Total 1695 bags of cashew were pledged with the bank. The amount sought to be recovered is Rs.1,13,11,212/-, out of which, the amount of Rs.88,14,657/- is the principal amount. The liability in respect to the cheque in question, which is subject matter of the impugned proceedings, is same which is the subject matter of the SARFAESI proceedings.

3. Issue notice to Respondent No.2, returnable on 27th February, 2024. In the meantime, the direction to pay 20% compensation amount vide order dated 6th October, 2023, passed by the Sessions Court in Criminal Appeal No.41 of 2023, is stayed till the next date of hearing.

(PRAKASH D. NAIK, J.)