PAWAN JAGGI Vs. STATE OF DELHI

JUDGEMENT

(1.) Petitioner seeks quashing of RC-S15-2001-S0007 dated 12.11.2001 alleging that a settlement has been arrived at with the complainant bank.

(2.) Relevant facts are that on 9.4.2001 Shri S.K.Widhani, then Chief Manager of Allahabad Bank, Parliament Street addressed a complaint to the Superintendent of Police and CBI informing that Seasons Creation Pvt. Ltd. of which petitioner was the Chairman-cum-Director had availed of certain credit facilities from bank. That on 29.5.1998 the company was sanctioned a packing credit facility in sum of Rs.71 lacs, an ad-hoc packing credit Rs.9 lacs, bank guarantee facility in sum of Rs.12 lacs and a short term loan Rs.5.65 lacs. It was stated in the complaint that principal document which had induced the bank in granting aforesaid facilities was an export order purportedly issued by M/s.J.C. Penny Purchasing Corporation addressed to the company as per which 36500 pieces of garments valued at US$2,00,750 was in the hand of the company. According to the complainant said purchase order was found to be a fake document and the company M/s.J.C. Penny Purchasing Corporation had not placed any such order.

(3.) It was further stated in the complaint that after availing the credit facilities, the directors of the company, including the petitioner disposed of all assets of the company. Nothing was found at the unit of the company at WZ-271 Shakarpur, Delhi-110034. It was also stated in the complaint that without the consent of the bank, hypothecated machinery etc. furnished as collateral securities was liquidated.