INDIAN BANK Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) This criminal petition is filed under Section 482 Cr.P.C to quash the order dated 24.01.2013 passed by the learned 1 st Additional Assistant Sessions Judge, Ranga Reddy District at L.B.Nagar in Crl.M.P.No.42/2013 in Crl.M.P.No.888/2012.

(2.) I have heard the learned counsel appearing for the petitioner Bank, the learned Public Prosecutor, representing the State, learned counsel appearing for respondents 2 to 5 and perused the material available on record.

(3.) Brief facts according to the petitioner Bank are that the petitioner/Indian Bank, Himayathnagar Branch advanced loan facility to the borrower viz., M/s.MBS Impex Private limited, represented by its Director Sri Sukesh Gupta. Respondents 3 to 5 stood as guarantors by executing necessary guarantee agreements. The loan advanced to the borrower was collaterally secured by mortgage of immovable properties belonging to respondents 2 to 5. Respondents 2 to 5 confirmed themortgage by executing a registered deed of Memorandum of Deposit of Title Deeds. As the respondents failed to pay the loan borrowed, the Bank considered the said loan account as NPA as per the procedural norms and guidelines issued by the Reserve Bank of India. The petitioner Bank being a secured creditor under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "SARFAESI Act") has invoked the provisions of the SARFAESI Act and issued a demand notice to the respondents on 30.04.2012, which according to the petitioner was duly served on the respondents. The respondents even after receipt of the said notice failed to repay the outstanding dues. Thereafter, the petitioner Bank issued possession notice dated 03.09.2012. The possession notice was also said to have been served on the respondents. The petitioner Bank also filed O.A. before the Debt Recovery Tribunal, Hyderabad pursuing its remedies under the provisions of RDDB & FI Act, 1993 and the said case is pending in O.A.No.463/2012. According to the petitioner Bank, the respondents are liable to pay the debt amount of Rs.8,02,86,128-78 ps under OCC limit with interest thereon from 01.09.2012 and also Rs.92,44,97,034-35 ps under BG limit with interest thereon from 01.09.2012 with costs.