PARDEEP KUMAR Vs. STATE OF HARYANA

JUDGEMENT

(1.) THIS petition has been filed under section 482 of the Code of Criminal Procedure (for short 'the Code') for quashing F.I.R. No. 133 dated 3.10.1994, registered at Police Station Jagadhari, for the offences under section 406/420, I.P.C.

(2.) THE admitted facts are that on 31.3.1984, the petitioner took a loan of Rs. 25,000/- from the Punjab National Bank, Bilaspur Branch, for the purpose of his business of acid and chemicals vide agreements 'C.1'. This loan was to be repaid by the petitioner in 72 instalments with effect from September 19, 1984. The stock in shop at that time was hypothecated as a security for the repayment of the said loan along with the interest in terms of the said agreement. The petitioner also executed a hypothecation deed-Annexure 'C.2'. Having paid certain instalments for quite some time, the petitioner defaulted. A sum of Rs. 39,552.00 became due from the petitioner to the said Bank as on 17.9.1984 vide copy of the ledger-Annexure 'C.3'.

(3.) IT has been stated by the petitioner that the transaction between the parties was that of a creditor and a debtor, that a transaction of loan does not amount to any offence either of cheating or embezzlement, that the petitioner had been paying instalment in accordance with the terms and conditions of the agreement, and that the dispute is purely of a civil nature. It has been further alleged that the initiation of criminal proceedings is wholly uncalled for and liable to be quashed.