TATA MOTORS FINANCE LIMITED Vs. SARMISTHA SARKAR SAHA

JUDGEMENT

(1.) Present application has been preferred for quashing of the proceeding being Complaint Case No.260 of 2018 under Ss. 420/447/448/500/506/34 of the Indian Penal Code pending in the Court of learned Judicial Magistrate, Krishnagar, Nadia.

(2.) The petitioner contended that the petitioner is a finance company and the opposite party no.1/complainant took a loan of Rs.6,23,000.00 for purchase of a vehicle. It was agreed that the opposite party no.1 shall repay the said loan by monthly installments and accordingly, a loan-cum-hypothetication- cum-guarantee agreement was executed in between the parties on September 26, 2014 and as per the said agreement, the opposite party no.1 was under obligation to repay the loan amount by 60 monthly installments at a sum of Rs.16,059.00.

(3.) The opposite party no.1 had defaulted in making payment to the monthly installment and a sum of Rs.2,08,409.00 became overdue amount and accordingly, due to non-payment of the monthly installment, the said loan cum hypothetication-cum-guarantee agreement was terminated pursuant to the clause as enumerated in the said agreement.