JUDGMENT :

Nitin Jamdar, J.

1. Rule. Rule is made returnable forthwith. The Respondents waive service. The Petitions have been argued together and are disposed of by the common judgment.

2. The Petitions are filed to quash the FIR EOW C.R.No. 71 of 2021 arising out of C.R. No. 246 of 2021 filed by Respondent No.2 and the summons issued by the EOW.

3. In Writ Petition No. 2778 of 2021, Petitioner No.1 - ICICI Bank Limited is a Public Company incorporated under the Companies Act, 1956 and Banking Company within the meaning of the Banking Regulation Act, 1949. Petitioner No.2 – Ms. Zarin Daruwala worked with Petitioner No.1 as President. Petitioner No.3 – Girish Nayak was working with Petitioner No.1 as General Manager and Head of Corporate Banking Group. Petitioner No.4 – Arati Ramakrishnan was employed with Petitioner No.1 as Deputy General Manager. Petitioner No.5 – Vipul Parmar was working Petitioner No.1 as an Assistant Relationship Manager from June 2010 onwards. Petitioner No.6 – Kunjal Jadhav worked with Petitioner No.1 as Relationship Manager. Petitioner No.7 – Neha Badlani joined Petitioner No.1 in Strategic Solutions Group as a Relationship Manager.

4. In Writ Petition No. 3018 of 2021, the Petitioner – JM Financial Asset Reconstruction Company is a public limited company incorporated under the Companies Act, 1956 and registered as an Asset Reconstruction Company with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 on 19 September 2007. From 30 September 2016, the Petitioner has become a subsidiary of JM Financial Limited and a public limited company.

5. In both petitions, Respondent No.1 – is State, the Economic Offences Wing.

6. Respondent No.2 – the Complainant is a director of Hotel Horizon Private Limited, engaged in the business of hoteliers and hospitality services. The Respondent no.2 has filed the impugned FIR bearing CR No.71 of 2021 registered with EOW (renumbered from FIR bearing CR No.246 of 2021 registered with BKC Police Station, Mumbai) for offences under Section 420, 409, 465, 468, 471 and Section 34 of the Indian Penal Code on 9 July 2021.

7. In this judgment, the Petitioner in Writ Petition No. 2778 of 2021, Petitioner No.1 - ICICI Bank Limited is referred to as the "Bank". Petitioners No.2 to 7 are referred to as the "officers of the Bank". In Writ Petition No. 3018 of 2021, the Petitioner JM Financial Asset Reconstruction Company Limited is referred to as "ARC". Respondent No.1 is the State of Maharashtra through Economic Offence Wing, referred to as "EOW". Respondent No.2 – the Complainant is a director of Hotel Horizon Private Limited is referred to as the “Complainant”.

8. We have heard Mr. Ashok Mundargi, learned Senior Advocate with Mr. Aabad Ponda, learned Senior Advocate for the Petitioners in Writ Petition No. 2778 of 2021 ( the Bank), Mr. Ravi Kadam, learned Senior Advocate for the Petitioners in Writ Petition No. 3018 of 2021 (the ARC), Mr. Ganesh Gole, learned Advocate for the Respondent Complainant (the Complainant) and Mr. K.V. Saste, APP for the Respondent No.1 – EOW in both the Petitions.

9. Before we detail the facts of the case, certain basic positions need to be referred. The Complainant had approached the Bank for a loan. The loan agreement was executed between the Bank and the Complainant in the year 2011. The Complainant's account was classified as Non-performing Asset (NPA) on 30 June 2016. The loan recall notice was issued to the Complainant on 8 July 2016. On 30 September 2016, the Complainant's facility was assigned to the ARC. On 7 December 2017, the ARC filed proceedings before the Debt Recovery Tribunal (DRT) against the Complainant. On 14 June 2021, the DRT issued summons to the Borrower and the Complainant and injuncted them from alienating and/or dealing with the properties. On 9 July 2021, the FIR was filed by the Complainant. The EOW issued summons to the ARC to pr