GURRAM SUJATHA Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) The petitioners are accused Nos.1 to 5 in C.C.No.157 of 2019 on the file of the Judicial First Class Magistrate, Parchur, Prakasam District, for the offences punishable under Ss. 407, 409 and 420 IPC.

(2.) The case, against the petitioners, in the complaint is that the petitioners, who had established a cold storage in the name of M/s. Sri Chandana Cold Storage Private Limited, had colluded with about 137 farmers in obtaining loans from the State Bank of India, Inkollu, showing various agricultural produce being available in the cold storage as security for the loans obtained by the farmers. The farmers committed default in repayment of the loan amount. It was found that the stock of the agriculture produce was not available, in the cold storage, when the bank sought production of the agricultural produce pledged with the bank. On this basis, complaints were filed before the police. After investigation, a charge sheet had been filed and the same was taken cognizance by the Judicial First Class Magistrate, Parchur, Prakasam District, in C.C.No.157 of 2019. During the pendency of these proceedings, the farmers and the petitioners entered into a One Time Settlement Scheme with the bank and closed all the loan accounts.

(3.) The petitioners have now approached this Court to quash C.C.No.157 of 2019 on the ground that the de facto complainant bank and the petitioners have arrived at a compromise which was recorded as a One Time Settlement Scheme, and as such, continuation of the proceedings of the Court would be an exercise in futility.