Negotiable Instruments Act, 1881–Sec. 148–Direction by the Appellate Court to deposit 20% of compensation amount within 60 days–Under challenge–Petitioner was involved in the affairs of Company, thereby making him liable for the act of Company–Matter pertains to the year 2012-13 for making default in the payment of Rs. five crore–Petitioner never challenged the order of taking cognizance by which he was implicated and other directors were exonerated–He did not challenge the order of deposite immediately and filed the modification application after a significant delay–Malice intent on part of the petitioner–He acted as a compulsive litigant and attempted to frustrate the provisions of NI Act–Petition deserves to be dismissed with cost of Rs. Five lakhs.
