LAWS(GJH)-2023-7-1088

STERLING OIL RESOURCES LTD. Vs. STATE OF GUJARAT

Decided On July 26, 2023
Sterling Oil Resources Ltd. Appellant
V/S
STATE OF GUJARAT Respondents

JUDGEMENT

(1.) Since the issues involved in the present applications are identical in nature, Special Criminal Application No. 1789 of 2017 is considered as leading matter and all the petitions are decided together.

(2.) By way of this petition under Articles 226 and 227 of the Constitution of India read with Sec. 482 of the Code of Criminal Procedure, petitioners have approached this Court for seeking the following reliefs :

(3.) The background of facts is case as per the case of the petitioners in the captioned leading petition are as such that on 4/4/2016, the petitioners received notice under Negotiable Instruments Act, 1881 from the respondent No.2 mainly contending that SBLC loan / credit facility obtained by Sterling Global Oil Resources Pvt. Ltd., Mauritius, which is group companies of Sandesara Group and they entered into loan / credit facility agreement with UCO Bank and SBLC Credit facility of USD 232 Million from UCO bank, MID Corporate branch for which sanction is granted by the UCO Bank on 12/3/2014 which came to be reviewed on 6/10/2015 and further modification on 30/11/2015. It is further the case of the petitioners in this petition that various agreements and deeds came to be executed by petitioners in favour of UCO Bank and also agreed for the terms and conditions stipulated in it at free will. Further, the petitioners failed to repay the amount of various facility / obligations specified in the modification dtd. 30/11/2015 within a stipulated period after various verbal as well as written intimation. It is further the case of the petitioners in this petition that the petitioner No.1 gave cheques duly singed by petitioner No.5 as an authorized signatory of petitioner Nos.2 to 4 Directors of the petitioner No.1 company along. with letter dated