PRASAD KORI Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) This petition under Sec. 482 of Cr.P.C. is preferred for quashment of the proceeding of case No. RCT/9911636/2017 pending before the JMFC, Bhopal.

(2.) Applicant is a Deputy Manager of Kotak Mahindra Bank a duly constituted attorney which is a Banking Institution. On 17/5/2017 respondent No 2 lodged a written complaint against the present applicant and his vendors vide complaint No 39/17 and the same was taken as a First Information Report under Sec. 154 of the Criminal Procedure Code on 28/06/2017. It was complained that the respondent No 2 has purchased two vehicles (Bus) bearing registration No. MP04PA2613 & MP04PA2503 with the financial assistance from the Kotak Mahindra Bank in the years 2015. The respondent No. 2 turn out to be a chronic defaulter, and even after a services of reminder and request, the respondent No. 2 did not regularize the loan accounts. due to the continuous defaulting both the loan account the public money was in jeopardy and the Applicant's Bank was becoming a losing venture and hence as a last resort invoking the clause of agreement the vehicle was restored into the possession of the Bank with due compliance of the Law but on the complaint of respondent no. 2 FIR in Crime No. 85/17 under Ss. 188 read with Sec. 34 of IPC was registered and later on charge-sheet was filed under Ss. 188 read with 34 and Sec. 379 of IPC.

(3.) Learned counsel for the applicant submits that it is established facts that respondent no. 2 had taken financial assistance (loan) from the applicant's Bank i.e. KOTAK MAHINDRA BANK and has defaulted in repayment of the loan amount. As per the terms and conditions of the agreement the matter was referred for arbitration. The Arbitrators have passed the award in favour of the applicant' Bank, thereby entitling applicant- Bank to recover the due amount from respondent no. 2. As respondent No. 2 was not making the payments due to the applicant's Bank, the Bank as a last resort has taken the possession of the vehicles with due compliance of the law. There is specific clause 2.11 in the agreement and as per agreement the Bank is entitled to take possession of vehicle and to sell, transfer/ and or otherwise dispose of any and all security created in favour of the Bank in case of non-payment of loan. It is also submitted that there is no iota of evidence against the applicant so as to make him liable for any offence whatsoever.