JUDGMENT

Pattanaik, J.—(Majority opinion by Pattanaik, J., on his behalf and on behalf of U.C. Banerjee, J.)

Leave granted.

2. In this Appeal by grant of Special Leave the question that arises for consideration is when can an accused be said to have availed of his indefeasible right for being released on bail under the Proviso to Section 167(2) of the Code of Criminal Procedure, if a challan is not filed within the period stipulated thereunder. In the case in hand, the accused after surrendering himself in the Court was remanded to judicial custody by order of the Magistrate on 17.6.2000. A case has been instituted against him under Sections 406 and 420 of the Indian Penal Code read with Maharashtra Protection of Interest of Depositors (Financial Establishment) Act, 1999 (for short "MPID Act"). The period of 60 days for filing of charge sheet was completed on 16.8.2000. On the next day i.e. 17.8.2000, an application for being released on bail was filed before the Magistrate alleging that non-filing of challan within 60 days entitles the accused to be released on bail under proviso to Section 167(2) of the Code of Criminal Procedure. The Magistrate rejected the prayer on the same day o