Legal Query - U/S. 148 (3) of the Negotiable Instruments Act, 1881 (Amended)
Brief Facts of the Case:
We [the Complainant] have won the case at the trial court in Bhuj, Kutch U/s. 138 of the Negotiable Instruments Act against Accused who failed to honor his payment for Rs. 75 lacs.
The Accused preferred an Appeal against the said order of the trial court. The Appellate court directed the Accused to deposit an amount of Rs. 22 lacs in court as a pre-condition to accept the appeal as per S. 148 (1) of the NI Act which reads as under:-
"the Appellate Court may order the appellant to deposit such sum which shall be a minimum of twenty percent of the fine or compensation awarded by the trial Court"
My Query is as follows:
Present Stage: We have filed an application before the Appellate Court to direct the release of the said amount of Rs. 22 lacs deposited by the Accused in favor of the Complainant as per Sec. 148 (3) of the NI Act which reads as under:-
"The Appellate Court may direct the release of the amount deposited by the appellant to the complainant at any time during the pendency of the appeal:
Provided that if the appellant is acquitted, the Court shall direct the complainant to repay to the appellant the amount so released, with interest at the bank rate as published by the Reserve Bank of India, prevalent at the beginning of the relevant financial year, within sixty days from the date of the order, or within such further period not exceeding thirty days as may be directed by the Court on sufficient cause being shown by the complainant."
I need advice & guidance from my Learned Respected Senior Experts to guide me with relevant Judgements / Precedents / Case Laws / Points of Arguments and / or with any other case material which could help convince the court to release the said amount in favor of the complainant as per S 148 (3) of NI Act.
In spite of the aforesaid law, if the court for some reason denies to release the said amount in favor of the complainant then what are the remedies / options available to the complainant to appeal against the said order? What is the procedure to be followed and which is the competent authority to approach to challenge the order. Can the procedure be expedited or is it a lengthy procedure?
Thanking You In Advance.