IMPORTANT POINT
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 genuineness of the allegations in the FIR.

JUDGMENT :

Ramesh Sinha, C.J.

1. Heard Mr. Sharad Mishra, learned counsel for the petitioner, Mr. Sangharsh Pandey, learned Government Advocate and Mr. Y.C. Sharma, learned Senior counsel with Mr. Hariom Rai, learned counsel for the respondent No.2.

2. The petitioner has preferred the instant petition under Section 482 of Cr.P.C. for quashing the FIR No.507/2018 dated 22.07.2018 registered against him at Police Station Civil Lines, Raipur, District Raipur (C.G.) for the offence punishable under Sections 420, 467, 468, 471 & 120 (B) of IPC.

3. Brief facts of the case are that the petitioner is presently working as Deputy General Manager in Punjab National Bank (PNB). In the year 2014, one M/s Sharma Vin Trade Services Private Limited approached the PNB for credit facility for its business purposes. The PNB acceded to request of the Borrower and issued a sanction letter dated 05.05.2014 providing credit facility of Rs.1,000 Lakhs as Cash Credit (Hypothecation) facility. Accordingly after due formality and execution of security and other related documents an account bearing No.0399008700137373 was opened with the petitioner in the name of M/s Sharma Vin Trade Services Private Limited. The company namely M/s Subhash Vin Trade Private Limited stood as guarantors of the above credit facility granted by the petitioner, who was posted as Assistant General Manager with the Motibagh Branch of PNB. INDIA at the relevant point of time. M/s Subhash Vin Trade Private Limited also submitted collateral security of the credit facility provided to the Borrower by creating equitable mortgage of property bearing Khasra Nos.439/3 area 0.115 hectare and Khasra No 439/6 area 0.202 hectare, total area 0.317 hectare, situated at Patwari Halka No.113 proposed P.H. No.44, Village Purena, R.I.C. Raipur-2, Tahsil and District Raipur within limit of Municipal Corporation Raipur Ward No.46, Dr. Rajendra Prasad Shukla Ward, Raipur (CG.) (for short mortgaged property). From perusal of this document it is evident that the M/s Subhash Vin Trade Private Limited voluntarily created mortgage as collateral security of the credit facility granted/provided to Borrower. The sale deed of the mortgaged property was executed on 25.09.2013 and the stamp was purchased by the respondent no.2/complainant. The Borrower also executed security documents with regard to the credit facility provided to it. The Borrower failed to adhere to the repayment of the credit facility granted/provided hence its account became Non Performing Assets as per the prevailing law and guidelines of Reserve Bank India on 31.12.2014. Therefore the PNB took the legal recourse available to it under the provisions of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short Act of 2002). In this connection the petitioner issued a demand notice dated 06.02.2015 under section 13 (2) of the Act of 2002 to M/s Sharma Vin Trade Services Private Limited (Borrower), its directors, guarantor M/s Subhash Vin Trade Private Limited and demanded the outstanding dues within 60 days. The Borrower failed to comply with the demand notice, hence the PNB took measures under section 13 (4) of the Act of 2002. In continuation of the recourse to legal remedy available to the PNB, the PNB sent possession notice dated 07.04.2015 and asked the Borrower to deliver possession else possession of the secured assets will be taken on or after 17.04.2015. The copy of the notice was also sent to the directors, guarantor M/s Subhash Vin Trade Private Limited. The PNB made an application under Section 14 of the Act of 2002 before the District Magistrate, Raipur for delivery of physical possession of the secured assets (mortgaged property). The District Magistrate allowed the application of the PNB under Section 14 of the Act of 2002 on 12.06.2017 and directed to deliver the physical possession of the secured assets (mortgaged property). The PNB vide its letter dated 30.08.2017 reques