JUDGMENT

B.Sudershan Reddy, J.—

1. Leave granted.

2. This appeal by grant of special leave is directed by the appellant, assailing the judgment and order dated 3.1.2007 passed by the High Court of Judicature at Patna in Criminal Miscellaneous No. 18838 of 2004 by which the High Court dismissed the petition for quashing the criminal proceedings arising out of Complaint Case No. 916 (c) of 2003 pending on the file of Sub-Divisional Judicial Magistrate, Patna.

3. The brief factual matrix of the case is as under: On 21.12.1998; Punjab National Bank, Patna City sanctioned a loan amount of Rs. 5 lakhs to M/s. Nirmala Alankar House, Patna City, a proprietary concern owned by one Jatinder Mohan. The said Jatinder Mohan furnished security of five guarantors including the respondent-complainant who in turn deposited Fixed Deposit Receipts (FDRs) worth Rs. 50,000/-, each duly signed authorizing the bank to appropriate the proceeds of FDRs along with interest if the timely payments are not made by the borrower. Each one of them had also executed and signed Agreement of guarantee jointly and severally guaranteeing to pay the bank after demand in writing all principal, interest, costs, charges