ORDER :

1. The petitioners have filed this writ petition under Article 226 of the Constitution of India for quashing FIR No. 334/2016 (Annexure P/1) dated 26.10.2016 registered against the petitioners at Police Station-Dabhra, District-Janjgir-Champa (C.G.) for committing offence punishable under Sections 420, 467, 468, 471/34 of I.P.C. and further subsequent final report submitted before Judicial Magistrate First Class, Dabhra, District- Janjgir-Champa (C.G.).

2. The brief facts as projected by the petitioners are that complainant/respondent No. 4-Shashi Bhushan Singh lodged an FIR No. 334/2016 on 26.10.2016 against the petitioners at Police Station- Dhabhra, District- Janjgir-Champa for committing offence punishable under Section 420, 467, 468, 471/34 of I.P.C. mainly contending that he is working as Manager at Geo Chem Pvt. Ltd., Bhopal and Suveyor of Geo Chem Pvt. Ltd.- B.L. Sahu, in connivance with borrower-Gopal Agrawal, Shyam Lal Agrawal & Smt. Poonam Agrawal has submitted forged storage receipt and thus, committed fraud with the Geo Chem and bank as when the borrower was unable to repay the loan the bank has initated proceedings and directed the complaint to verify the stock of rice kept in godown then it was revealed that loan was taken on the basis of quality and quantity of the rice, which was kept in the storage was not the same and it was inferior quality and less quantity. On the basis of this complaint, FIR has been registered against the petitioners for committing offence under Sections 420, 467, 468, 471/34 of I.P.C.

3. It has been further contended by learned counsel for the petitioner that the petitioner No.1 borrowed commodity loan for Rs. 45 lacs from IDBI Bank branch-Raigarh by depositing Jawaphool rice to the tune of 138.94 metric tons. Likewise, petitioner No. 2 has taken commodity loan of Rs. 50 lacs from HDFC bank by depositing 52.50 metric tons of Jawaphool rice and 83.65 metric tons HMT rice. The rice were kept in the godown hired by the bank through Geo Chem Pvt. Ltd. which is authorized agency. Due to irregular payments, the bank has initiated the proceeding under the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 by filing original application before the Debts Recovery Tribunal, Jabalpur. The said cases are pending. During pendency of the case, the bank has lodged FIR No. 334/2016 at Police Station- Dhabhra, District- Janjgir- Champa for committing the offence as mentioned above.

4. Learned counsel for the petitioner would submit that registration of FIR is nothing but an abuse of process of law as the bank has already initiated proceeding for recovery of the amount. It has been further contended that the bank officials sold the hypothecated rice and has released the loan amount. He would further submit that the FIR and the subsequent criminal proceeding be kindly quashed.

5. He would rely upon the judgment rendered by Hon'ble the Supreme Court in State of Haryana Vs. Bhajan Lal, reported in 1992 AIR (SC) 604 and K. Virupaksha & another Vs. State of Karnataka & another reported in (2020) 4 SCC 440. He would submit that the allegation levelled in the FIR, even if it is taken at their face value and accepted in its entirety, the same does not constitute an offence demanding either the registration of a case or commencement of an investigation in respect of the petitioner.

6. Learned counsel for the petitioners has filed additional document on 12.07.2021, which was taken on record by this Court, in which, it has been submitted that from 22.10.2016 to 26.10.2016, IDBI officials have sold the entire hypothesized rice as well as paddy and incidental thereto, before lodging a false FIR against the petitioners and the same has been done through its agency i.e. Geo Chem. A copy of document of auction sale (Annexure P/5) and delivery order issued by Geo Chem on 24.06.2016 (Annexure P/6) (before lodging FIR) have also been filed.

7. He would further submit that on