AGRANI EXPORT PVT LTD Vs. STATE OF ORISSA

JUDGEMENT

(1.) THE petitioner is a private limited company incorporated under the provisions of the Companies Act, 1956 represented through its Managing Director abhishek Kar. The petitioner company applied for a term loan and packing credit loan to the State Bank of India, Chhatrapur branch. The bank authorities being satisfied and after following due procedure sanctioned credit facility on 13. 7. 2007 as per annexure 2 to the petition.

(2.) IT is the case of the petitioner company that while the petitioner-company was operating the said loan account and enjoying the credit facility, the Investigating Officer in Crime Branch P. S. Case No. 13 of 2007, corresponding to G. R. Case No. 2073 of 2007 pending before the Court of the learned s. D. J. M. , Bhubaneswar, directed the State bank of India, Chhatrapur Branch to stop operation of the loan account of the petitioner company and accordingly, the petitioner company has been prevented from operating the said loan account. This fact was intimated to the petitioner company by the Chief Manager of the Bank. The petitioner company, thereafter, found that the said criminal case has been initiated against the Proprietorship concern in the name and style of M/s. Anu Nuts and Fruits. In the meantime, charge-sheet has been submitted in the said case against the accused persons and the said Proprietorship concern, who according to the petitioner company, are in no way connected with the petitioner company. Being aggrieved by the action of the freezing of the loan account of the petitioner company, it has preferred this application under Section 482 of the Code of criminal Procedure (for short, 'the Code')seeking a direction to the bank to allow the petitioner company to operate the account.

(3.) I have heard learned counsel for the petitioner company as well as the learned counsel for the State in extenso.