Magistrate Should Pass Speaking Order While Fixing Quantum Of Interim Compensation Under Negotiable Instruments Act: Kerala High Court
The Kerala High Court has reiterated that Courts are required to pass a speaking order while fixing the quantum of interim compensation under the Negotiable Instruments Act. Perusing Section 143A which states that interim compensation, varying from 1% of the cheque amount, up to 20% of the cheque amount could be ordered by the Court while trying a case for dishonour of. In such circumstances, a speaking order is necessary especially in a case where the maximum 20% of the interim compensation is ordered by the learned magistrate as prescribed under Section 143A of the NI Act. Therefore, without giving reason for fixing 20% of the cheque amount as interim compensation, which is the maximum limit prescribed under Section 143A of NI Act, that order cannot be treated as an order made after applying the mind and exercising the discretionary jurisdiction," the Court observed.
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