M SELVARAJ Vs. INSPECTOR OF POLICE

JUDGEMENT

(1.) All the above criminal original petitions have been filed under Section 482 of the Code of Criminal Procedure praying to quash the FIR in Cr.No.4 of 2000, dated 19.6.2000 and the consequential charge-sheet if any filed, insofar as the petitioners is concerned and award damages to the petitioners to the tune of Rs.5 lakhs each, for the harassment and agony to which they were subjected to.

(2.) The petitioners are respectively A.4,A.1 and A.3 in a row of six accused, in the case registered by the respondent for the offence punishable under Sections 406 and 420 IPC and Section 5 of the Tamil Nadu Protection of Interests of Depositors (in financial Establishments) Act, 1997. When the case is pending investigation, the petitioners have come forward to file the above criminal original petitions for the relief extracted supra.

(3.) The case of the petitioners is that A.1 in the above case i.e. G.Rajamani was running a business under the name and style of G.R.Mani Textiles from 1988 and due to some financial crisis, he closed down the business and without being able to pay the creditors, he filed an Insolvency Petition No.7 of 1999 before the Court of Subordinate Judge, Srivilliputhur; that the entire transaction was borrowing against receipts and not even based on promissory notes and the total liabilities were about Rs.3.5 crores and the assets were about Rs.1.75 crores and al the creditors appeared before the Court through their counsel and lodged their clams; that later on,by a vile design, a few of the creditors went and lodged a complaint with the respondent, who even though initially refused to register the case, has ultimately for some extraneous reasons, has registered the FIR.