ORAL JUDGMENT:

1.Heard Mr. J.J. Mulgaonkar, learned Counsel for the applicant, Mr.Ryan Menezes with Mr. Nigel Fernandes and Ms. Gina Almeida, learned Counsel for the respondent No.1 and Mr. Nikhil Vaze, learned Additional Public Prosecutor for respondent No.2.

2.Present revision is filed challenging concurrent orders of the Courts below thereby holding the applicant guilty for the offences punishable under Section 138 of Negotiable Instruments Act (N.I. Act, for short) and to suffer imprisonment for a period of three months and to pay compensation of Rs.3,80,000/- and In default of payment of compensation the applicant shall further suffer imprisonment for six months.

3.Respondent No.1 filed a complaint under Section 138 of the N.I.

Act before the learned Magistrate claiming therein that he agreed to purchase the bakery of the applicant/accused for a sum of Rs.5,00,000/- somewhere in December, 2007. Since the complainant was not having the entire amount with him, he arranged the amount of Rs.3,20,000/- which he handed over to the accused towards advance. When the complainant insisted upon execution of the agreement, the accused told him that it is not necessary and it will be a waste