In Brief
A.T. Sivaperumal borrowed Rs. 10 lakhs from Mohammed Hyath to develop a sweets factory and issued a cheque for Rs. 10,22,419 which was dishonoured due to account closure. The Trial Court acquitted him, but the High Court reversed the acquittal and convicted him under Section 138 of the Negotiable Instruments Act, imposing a fine of Rs. 11 lakhs. On appeal, the Supreme Court facilitated an amicable settlement between the parties for Rs. 6 lakhs and set aside the High Court's conviction, acquitting the appellant on condition of payment within three months.",
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