S.P. BAJAJ Vs. STATE OF HARYANA

JUDGEMENT

(1.) THE present petition under Section 482 of the Code of Criminal Procedure. 1973 (for short, 'the Code') has been filed by the petitioner for quashing of the FIR No. 595 dated November 22, 1997 registered under Sections 408, 420 of the Indian Penal Code, 1860 (for short, 'the Code') at Police Station Model Town, Panipat, District Panipat. A copy of the aforesaid FIR has been appended as Annexure P.1 with the petition.

(2.) AS per the allegations of the FIR registered on the basis of a communication written by Amarjit Singh, Senior Manager, Punjab and Sind Bank, Panipat to the Station House Officer, Police Station, Model Town, Panipat the firm M/s. Panipat Crafts and Design, Industrial Area, Panipat had got sanctioned a credit limit of Rs. 75 lacs vide sanction granted on July 25, 1994 against hypothecation of stock of handloom made fabric and goods. An agreement of hypothecation was entered into between the bank and the aforesaid firm M/s Panipat Crafts and Design, Panipat on July 28, 1994. A current account separate from the aforesaid credit limit was opened being account No. 2075. On a subsequent request of the partners of the firm, the aforesaid limit was enhanced to Rs. 100 lacs on November 25, 1994. It was stated by the bank, the aforesaid firm having the stocks till August 1997 but when the aforesaid Manager visited the premises/godown of the firm on September 13, 1997 then he found that almost all the stocks of raw material/semi finished handloom goods/fabrics were not existing and the same had been disposed of by the partners of the said firm without depositing the sale proceeds of the same and without consent of the bank. Upon these allegations, it was stated that a fraud had been committed by the aforesaid partners upon the bank and also that a breach of trust had been committed by them as well. Upon this communication, the FIR in question was registered.

(3.) A reply has been filed to the petition on behalf of respondent No. 1. A plea with regard to sanctioning of the packing credit limit of Rs. 75 lacs originally and Rs. 100 lacs subsequently are admitted. However, it has been stated that on December 12, 1997 an amount of Rs. 2,32,23,820/- was due from the aforesaid firm and partners towards the bank and, therefore, the accused, namely, the partners of the firm were bound to pay the loan with interest.