JITENDRA KUMAR MISHRA Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) Petitioners herein have prayed for quashing of the proceeding being GR Case no. 1037/2014 arising out of Electronic Complex Police Station Case no. 118 under Sec. 420/409/467/468/471/120B of the IPC. The investigation has already been culminated into charge sheet.

(2.) The factual aspect of the present case is that the complainant and his partner accused no.1 took loan of Rs.1,45,95,895.00 in the name of their partnership firm Shri Bhagabati Infrastructure for financing two hydrolic special assets used for excavation vide a loan agreement dtd. 15/9/2011 wherein both the partners stood as guarantor. The assets were financed by the SREI Equipment Finance Pvt. Ltd. (in short SREI) against which the loan was advanced. It is alleged that after payment of few installments the complainant and his partner defaulted in payment and as such arbitration proceeding has been initiated and prior to that the loan agreement was terminated after due service of notice upon the complainant and his co-partner.

(3.) During pendency of the arbitration proceeding, pursuant to the representation of the borrower, the loan was re structured and the assets which were subject matter of earlier loan transaction also accepted as hypothecated assets under the restructured loan agreement. Even after restructuring of the loan, borrower again defaulted in payment of the monthly installments and consequently arbitration proceeding initiated which ultimately reached to this Court vide AP No. 567 of 2015, AP No. 568 of 2015, AP No. 569 of 2015 and AP No. 570 of 2015. Thereafter all the aforesaid arbitration proceedings have been disposed of by this Court and this Court was pleased to appoint receivers to direct the re-possession of the assets so hypothecated and the sell of the said re-possessed assets for recovery of the loan defaulted by the borrower.