(1.) The petitioner has filed this petition under Section 482 of the Criminal Procedure Code praying for quashing and setting aside the criminal case filed by the Administrator of respondent no.2 Bank with Visnagar Police Station being C.R. No. 122/2005 for offence punishable under Sections 406, 409, 420, 421, 424, 467, 468, 471, 120B and 114 of Indian Penal Code and Section 5 of Public Money Act qua the present petitioner.
(2.) It is the case of the petitioner that the petitioner had stood as a guarantor for the loans sanctioned by the respondent no.2 Bank to Ambika Metal Industries and Nishit Sales Agency. The respondent no.2 Bank had advanced Rs. 22,01,240/- to Ambika Metal Industries whereas loan of Rs. 21,27,680/- was sanctioned to Nishith Sales Agency for business purpose in the year 1999-2000. The said firms are family concerns of Mr. Haresh Kantilal Kansara, who was one of the Directors of the Bank when the said loans were sanctioned. The principal borrowers as well as the petitioner, who was one of the guarantors, had mortgaged various properties as security.
(3.) It is also the case of the petitioner that as the principal borrowers failed to repay the loans taken from the Bank, the respondent no.2 Bank in August 2002 filed Lavad Suits No. 1245/2002 and 1248/2002 against the said borrowers respectively for recovery of outstanding dues with interest at the rate of 21% per annum from the date of disbursement till actual realization. By orders dated 30.08.2003, the Board of Nominees, Mehsana decreed the suits in favour of the Bank for Rs 22,01,240/- and Rs. 21,27,680/- respectively against Ambika Metal Industries and Nishit Sales Agency with interest at the rate of 21% per annum.