M/S USHA JEWELLERS PVT LTD vs STATE BANK OF INDIA

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 04.11.2025 Judgment pronounced on: 19.12.2025 Judgment uploaded on: 20.12.2025 + CRL.REV.P.(NI) 35/2024, CRL.M.A. 30497/2024, CRL.M.A. 16514/2025 & CRL.M.A. 16563/2025 M/S USHA JEWELLERS PVT LTD .....Petitioner Through: Ms. Sarita Sharma and Mr. Narendra Bhati, Advocates versus STATE BANK OF INDIA .....Respondent Through: Mr. Pardeep Bhasin and Mr. Shashwat Kumar, Advocates CORAM: HON'BLE DR. JUSTICE SWARANA KANTA SHARMA JUDGMENT DR. SWARANA KANTA SHARMA, J CRL.M.(BAIL) 1689/2024 & CRL.M.(BAIL) 1175/2025 1. The petitioner herein stands convicted for the offence punishable under Section 138 of the Negotiable Instruments Act, 1881 [hereafter „NI Act‟] by the learned Trial Court and was sentenced to undergo simple imprisonment for a period of one year along with payment of compensation amounting to ₹1,90,23,000/- (in default, simple imprisonment for three months). The appeal preferred by the petitioner before the learned Sessions Court was also Signature Not Verified Digitally Signed CRL.M.(BAIL) 1689/2024 & CRL.M.(BAIL) 1175/2025 Page 1 of 13 By:ZEENAT PRAVEEN Signing Date:20.12.2025 19:03:13 dismissed. Aggrieved by the concurrent findings of the Courts below, the petitioner has approached this Court by way of the present revision petition. 2. The scope of the present judgment is confined to the adjudication of the petitioner‟s two pending applications seeking suspension of sentence during the pendency of the captioned revision petition. 3. Brief facts of the case are that the respondent–complainant Bank had filed a complaint under Section 138 of the NI Act, alleging that the petitioner herein had approached the Bank with an Inland Irrevocable Letter of Credit dated 11.12.2007 for an amount of ₹95,11,500