DEK BAHADUR KATWAL Vs. STATE OF SIKKIM

JUDGEMENT

(1.) A petition under sec. 482 of the Code of Criminal Procedure, 1973 (Cr.P.C.) has been filed by the petitioner seeking a prayer to quash the First Information Report (FIR) bearing No.47/2021 dtd. 12/3/2021. The FIR has been lodged by the Managing Director, Sikkim Industrial Development and Investment Corporation Ltd. (SIDICO) alleging that the petitioner had submitted an application dtd. 12/11/2010 for a loan of Rs.1,50,000.00 for the purpose of starting a chamber of advocate under the Chief Minister's Self Employment Scheme. It further states that the application was processed and the amount was sanctioned in his favour and ultimately disbursed in two instalments of Rs.1.00 lakh on 25/11/2010 and Rs.50,000.00 on 25/12/2010. It is alleged that the acknowledgment of liability dtd. 29/12/2010 was also signed by the petitioner. It is stated that while disbursing the loan to the petitioner SIDICO had also handed over a repayment schedule (EMI) to him apprising him of the monthly instalment of Rs.2925.00, number of instalments i.e. 60 months and the due dates for repayment of the loan amount i.e. from November, 2012 to October, 2017. It is alleged that despite the fact that the petitioner was well informed and had knowledge that he was required to make monthly instalments of the loan, the tenure and the due date from when he had to make repayment to the SIDICO he failed to make the payments and thereby he has cheated the SIDICO of the said amount. It is also stated in the FIR that the outstanding balance in the said loan account as on 12/3/2020 is Rs.2,15,342.00. Based on this information, it transpires Sadar Police Station has lodged the FIR and taken it up for investigation.

(2.) Mr. Yam Kumar Subba, learned counsel appearing for the petitioner on specific instructions from the petitioner submits that he is willing to make the payment but however, he requires some time to do so. It is submitted that he shall make the payment along with interest as calculated by SIDICO within a period of five months from today.

(3.) Mr. Yadev Sharma, learned Additional Public Prosecutor appearing for the respondents submits that the State is agreeable to give him further five months period to repay the required amount along with interest thereon if he assures repayment.