(1.) The above Criminal Original Petition has been filed under Section 482 of Cr.P.C. to call for the records pertaining to C.C. No.219 of 2003 pending on the file of the Judicial Magistrate, Tiruttani and quash the same.
(2.) The petitioner has stated in his petition above that he started a weaving business as a small scale industry at Kelambakkam Village, Thiruvalangadu, Tiruttani Taluk in the year 1996 borrowing a sum of Rs.98,000/- from the respondent bank on 11.6.1996 for purchasing two power looms and executed necessary security documents apart from creating an equitable mortgage over his house at Kavarai Street, Kelambakkam, Tiruttani Taluk; that apart from that the petitioner also created a hypothecation deed hypothecating the two power looms referred to above for repayment of the said amount to the bank; that the petitioner was paying the instalments regularly and due to slump in business, the petitioner was not in a position to repay the loan; that in fact, the petitioner incurred heavy loss in the business, which was also intimated to the bank; that with the knowledge and consent of the bank official, the petitioner was forced to sell his two power looms in question and deposited the sale proceeds of Rs.30,000/- on 7.3.2000 in order to prevent further deterioration of the two power looms in question; that the petitioner paid a sum of Rs.15,000/- on 15.4.2002 and subsequently during the time when the petitioner has been paying the instalments, the petitioner received a lawyer's notice dated 24.2.2003 from the respondent bank and the said lawyer's notice was duly replied on 14.3.2003 through his lawyer; that in fact even after the reply to the said notice, the petitioner has been paying amounts to the respondent bank and while so the petitioner received summons from the Judicial Magistrate at Tiruttani along with a complaint copy filed by the respondent bank charging the petitioner under Sec.158 of the Tamil Nadu Co-Operative Societies Act and also under Section 417 of IPC for having sold the hypothecated power looms without written consent of the bank and hence the petitioner has come forward to file the above Criminal Original Petition for the relief extracted supra.
(3.) It is an admitted case on the part of the petitioner that he borrowed a sum of Rs.97,800/- as a loan under NFSL No.27 for the purchase of two power looms not only mortgaging his immovable properties but also hypothecating the two power looms to the Primary Co-Operative Agricultural and Rural Development Bank, the respondent herein.