ASWATHNARAYANA Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The present petition has been filed by the petitioners-accused Nos.1 and 2 under Section 438 of Cr.P.C. praying this Court to release them on anticipatory bail in the event of their arrest in Crime No.564/2018 of Peenya Police Station, Bengaluru City for the offences punishable under Sections 418, 406 and 420 of IPC.

(2.) I have heard the learned counsel for petitioners and the learned High Court Government Pleader for respondent-State.

(3.) The gist of the complaint is that the petitioners-accused Nos. 1 and 2 were running a TPC Techno Power Corporation and availed a loan from the Complainant-Punjab National Bank ('the Bank' for short) to the tune of Rs.16.00 Crores and the said loan was guaranteed by the corporate guarantee of M/s. Skill Tech Engineers and Contractors Pvt. Ltd., and a property bearing Registration No.25A1 was also given by way of equitable mortgage. It is further alleged that after obtaining a loan, by creating an equitable mortgage in favour of the Bank, the said property was sold by the petitioners-accused Nos.1 and 2. On the basis of the complaint, a case has been registered.