HYTONE MERCHANTS PVT. LTD. Vs. ASIT DAS

JUDGEMENT

(1.) The criminal revision application has been preferred by the petitioners/accused persons praying for quashing of the proceedings in C.R. Case No. 5012 of 2018 under Ss. 420/406/323/341/506/ 120B of the Indian Penal Code pending before the learned Judicial Magistrate, 7th Court, Alipore, South 24 Parganas.

(2.) The petitioner's case is that the petitioner no.1 is a private limited company registered under the Companies Act, 1956 and the petitioner no.2 is a firm. The petitioner no.3 is the director of the petitioner no.1 and the petitioner no.4 is the son of the petitioner No.3 and the petitioner no.5 is the employee of petitioner no.1 and 2. The petitioner no.1 is engaged in the business of providing financial facilities to its various customers for purchase of vehicles including commercial vehicles amongst others.

(3.) The opposite party namely Asit Das took a loan of Rupees Four Lakh Two Thousand and Three Hundred (Rs.4,02,300.00) on May 22, 2017 for purchasing a Second hand Maruti car by executing an agreement for hire purchase dated May 22, 2017 along with an agreement for arbitration. The said loan had to be repaid by twenty seven equal monthly installments of Rupees Fourteen thousand and nine hundred only (Rs.14,900.00) as per the agreement for hire purchase dated May 22, 2017. The opposite party failed to pay the said installments as per the hire purchase agreement and thereby defaulted in making payment despite repeated request and demands.