LAXMAN PRASAD AGARWAL Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) The present revisional application has been directed for quashing the impugned proceeding being G.R. Case No.448 of 2019 arising out of Jorasanko Police Station Case No.89 of 2019 dated April 15, 2019 under Ss. 420/406 of the Indian Penal Code pending before the Court of learned Additional Chief Metropolitan Magistrate, Calcutta.

(2.) The petitioner has contended in his revisional application that the petitioner is the sole proprietor of "Pannalal Mahabir Prasad". The opposite party no.2 has been doing business with the petitioner for a considerable period of time. There were monetary transactions between the petitioner and the opposite party no.2 and accordingly, the petitioner used to make regular payment and provide requisite returns to the opposite party no.2 on regular interval. In course of time, petitioner's business faced financial setbacks and he was in urgent need of financial assistance and as such, he approached the opposite party no.2 with a request to grant him loan of Rs.30.00 lakhs for enabling him to revive to his plunging business.

(3.) The opposite party no.2 had taken into consideration the said proposal and due to good business relationship he afforded the said loan through RTGS on November 2, 2017 from Indian Overseas Bank, Lalbazar Branch to the petitioner's account of Yes Bank, Burrabazar Branch. The said loan was accommodated with a condition that the petitioner would repay the sum within a period of 91 days from the date of issuance of the sum and he will pay interest at the rate of 15% per annum in case of failure to repay within the stipulated period.