VIVEK SINHA Vs. CBI & ANR.

JUDGEMENT

(1.) BY virtue of this petition u/s. 482 of the Code of Criminal Procedure, 1973, the petitioner seeks quashing of RC No. 219/2011/E0003 and all consequent proceedings pending in the Court of Gurvinder Pal Singh, Special Judge CBI, New Delhi primarily on the ground that the bank does not wish to pursue the matter any further and reached an amicable settlement to mutually acceptable terms and conditions. In terms of the settlement, the entire dues of the bank has been paid. That being so, interference of the Court is essential to prevent abuse of process of Court by exercising inherent powers under Section 482 Cr.P.C. The petition is opposed by CBI. In reply to the petition, the background of the case was detailed as under:

(2.) DESCRIBING the role of present petitioner, it was submitted that in consideration for grant of the different credit limits, accused Vivek Sinha executed various security documents, in favour of the bank as Proprietor/Director of M/s. Esoft Informatics P. Ltd. & M/s. Nexus Remedies P. Ltd. In addition to grant of the regular credit limits, at the request of accused Vivek Sinha, the bank purchased 7 cheques issued in favour of M/s. Esoft Informatics P. Ltd. and M/s. Nexus Remedies P. Ltd., without any regular cheque purchase/discounting limit having been sanctioned, in the account of M/s. Esoft Informatics Pvt. Ltd. and M/s. Nexus Remedies Pvt. Ltd. The cheques earlier purchased/discounted have been returned unpaid. Accused Vivek Sinha was having full knowledge that the firms whose cheques he submitted to Bank of India does not have any business transactions with these firms and also there were no balance in their accounts, he in criminal conspiracy with other accused persons cheated Bank of India. The Term Loans and working capital facilities were misappropriated and were not utilized for the sanctioned purposes. The cheques purchased/discounted by the bank in their accounts were returned unpaid and the accused persons did not arrange for repayment of the substantial dues of the Bank. The financial data and stock/book debts statements submitted by accused Vivek Sinha to the bank were false and bogus and no stocks and other assets were available. The bank suffered a loss to the tune of Rs. 2,59,19,132/22, which is the aggregate balance outstanding in all advance accounts.

(3.) RESPONDENTS 2 and 3 in reply acknowledged the receipt of settlement amount to the tune of Rs. 208.34 lakhs and submitted that in terms of agreed settlement, the bank did not want to pursue the matter any further.