1, Yes. Your lawyer is right. You can file a Summary Suit for recovery of your amount of Rs.4.40 Lakhs,
2. You shall have to enquire abour your local arrangement for the financial limit of small cause court to hear matters,
3. You should be prepared with your evidence against the claim of the accused which you may come to know on receipt of his reply to your notice sent u/s138 of N.I.Act, since his defence will be the same in the said 138 case also. Your lawyer should vehemently protest any application of adjournment, if filed by the accused,
4. For recovering Rs.4.40 Lakhs only, you can not file recovery Suit before the High Court. Calcutta High Court will hear any such case involving amount of Rs.1Crore and above.