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SHAMPA DUTT (PAUL)
Jigar Chinu Dalal – Appellant
Versus
State of West Bengal – Respondent
JUDGMENT :
SHAMPA DUTT (PAUL), J.
1. The present revision has been preferred praying for quashing of proceeding in Uluberia Police Station Case No. 27 of 2010 dated 14.01.2010, under Sections 448/323/506/120B of the Indian Penal Code, 1860 corresponding to G.R Case No. 66 of 2010 pending before the learned Judicial Magistrate, 1st Court at Uluberia, Howrah.
2. The petitioner's case is that the petitioner is a Vice President of Asset Reconstruction Company (India) Limited (hereinafter referred to as ARCIL), a company incorporated under the Companies Act, 1956 having his office at 29, Senapati Bapat Marg, 10th floor, The Ruby, Dadar (W) Mumbai-400 028. ARCIL is a Securitisation Company established under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as SARFAESI act, 2002) and is registered with the Reserve Bank of India to act as a 'Securitisation Company'.
3. Kanoria Jute and Industries Ltd. is a company incorporated in the year 1929 and is a company within the meaning of the Companies Act, 1956 (hereinafter referred to as KJIL). The said company was engaged in manufacture of traditional jut
Acts done in good faith under the provisions of the SARFAESI Act are protected under Section 32 of the Act and do not constitute an offence.
Point of law: Apex Court held that such power should be sparingly and cautiously exercised only when the Court is of opinion that otherwise there will be gross miscarriage of justice.
The Court emphasized that the power to quash criminal proceedings should be exercised sparingly and only in exceptional cases, and that the Court should not inquire about the reliability or genuinene....
The SARFAESI Act provides a complete legal framework for secured creditors, ensuring that their actions are protected when conducted in good faith, and establishes that criminal proceedings cannot be....
Point of law : Power is conferred or a duty is imposed by a statute or otherwise and there is nothing said expressly inhibiting the exercise of the power or the performance of the duty by any limitat....
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