BADAR DURREZ AHMED, J.

( 1 ) I have heard the learned counsel for the petitioner as well as the learned counsel for the CBI.

( 2 ) THIS is a petition directed against the order on charge dated 26. 7. 1999 as well as the charge framed on the same date itself. The order on charge was passed by the learned Chief Metropolitan Magistrate, Delhi. The charge framed against the petitioner reads as under:-"charge i, R. K. Gauba, Chief Metropolitan Magistrate, Delhi hereby charge you Prem Kumar parmar S/o Sohan Lal Parmar, Managing Director of M/s Parmar Alam Pvt. Ltd. Bahadurgarh, Distt. Rohtak (Haryana) R/o 6a Pocket B, D. D. A. Flats (SFS)Vikaspur Extension, New Delhi, M/s Parmar Alam Pvt. Ltd. , Vilage Sankhol, bahadurgarh, Distt. Rohtak (Haryana) registered Office 6a, Pocket B, D. D. A. Flats (SFS) Vikaspuri Extension, New Delhi. That you P. K. Parmar during the year 1987-88 at Delhi and other places agreed with M/s Parmar Alam Pvt. Ltd. , and hetched a criminal conspiracy, the object of which was to do illegal act to cheat the officers of Head/branch office of Punjab National Bank, Rajendra Nagar Branch, Delhi by dishonestly and fraudulently inducing the said officers to sanction a term loan of Rs. 49. 65 lakh on the basis of false information particulars/ false documents i. e. (i) Application dated 6. 10. 87 (ii) Bogus Balance Sheets (iii) Profit and Loss account (iv) Depreciation Chart (v) Fixed Assets (vi) List of Sundry Creditors of fictitious firm M/s Punjab Phosphate Pvt. Ltd. , submitted in the bank and dishonestly obtain/withdraw the loan amount from the Bank to the tune of Rs 34,81,210. 40 (which is still outstanding with interest) thereby you committed offences punishable U/s 120b r/w Section 420, 471 r/w Section 468 of IPC, within my cognizance. Secondly you both during the aforesaid time and place cheated the P. N. B. Rajendra Nagar Branch, Delhi for a total sum of Rs 34,81,210. 40 by dishonestly submitting the bogus Balance Sheet, Profit and Loss Account, Depreciation Chart, fixed Assets, list of Sundry Creditors of Fictitious firm M/s Punjab Phosphate pvt. Ltd. to be used for the purpose of cheating, used them as genuine, which you knew or had reason to believe to be false documents and thereby committed offence punishable u/s 471 r/w Section 468 of IPC within my cognizance. And I hereby direct you be tried by this court for the above noted charges. "

( 3 ) THE learned counsel for the petitioner has, in the course of arguments on 14. 9. 2006, indicated that the entire loan amount taken from the Bank (Punjab national Bank, New Rajinder Nagar Branch) has been realised and there is nothing due from the petitioner company i. e. M/s Parmar Alum Pvt. Ltd. The learned counsel for the CBI submitted a report dated 14. 12. 2006 with regard to the verification regarding realisation of the loan amount by M/s Parmar Alum Pvt. Ltd in RC5/89/eou-IV/cbi/new DELHI. It is stated in the said report that a verification was carried out from the Punjab National Bank, New Rajender Nagar branch and that it has been confirmed by the bank that M/s Parmar Alum Pvt. Ltd has paid the loan amount and nothing is pending against the "firm". The letter from the Bank and the statement of account which was obtained from the bank are enclosed with the report and the same are on record. This, according to the learned counsel for the petitioner, shows that the bank is not interested in pursuing the matter against the bank inasmuch as the entire amount has been recovered. According to the petitioner, this is also indicative of the fact that the petitioner never wanted to cheat the bank and, in any event, the petitioner had provided sufficient collateral security to recover the entire amount of the loan. He submits that the offence punishable under Section 420 is also compoundable. But, there is no representative from the Bank present in court from whom it could be ascertained as to whether the Bank is willing to compound the offence.

( 4 ) AS regards t