When the substantive proceedings are amicably resolved, the FIR and intermediary orders should be quashed as they would not serve any interest of justice.

JUDGMENT / ORDER

Harsh Bunger, J. - Petitioner has filed this petition under Section 482 of Cr.P.C. for quashing of order dated 24.02.2020 (Annexure P-5) passed in NACT No.17857 of 2017 titled as 'IIFL vs Ashutosh' by learned Judicial Magistrate Ist Class, Gurugram, whereby, he has been declared as a proclaimed offender. The petitioner further seeks quashing of FIR No.932 dated 26.03.2020 registered under Section 174-A of the Indian Penal Code, 1860 (here-in-after to be referred as 'the IPC') at Police Station Shivaji Nagar, Gurugram Haryana (Annexure P-6).

2. Succinctly, a loan facility was extended by respondent No.2-M/s India Infoline Housing Finance, in favour of wife of the petitioner/petitioner (Namrata Verma/Ashutosh Verma) vide loan Account No.720931. In discharge of the said loan liability, a Cheque bearing No.334932 dated 09.09.2015, amounting to Rs.09,02,622/- drawn on 'Axis Bank Limited', VasantKunj Branch, New Delhi, was issued in favour of respondent No.2 by wife of the petitioner namely, NamrataVerma. Since, the said cheque bounced, accordingly, a complaint bearing NACT No.6480 of 2015 under Section 138 of the Negotiable Instruments Act was filed. Another cheque issued by the petitioner herein namely, Ashutosh Verma was also dishonoured and hence, another complaint bearing NACT No.17857 of 2017 was filed. It appears that subsequently, the matter was settled between the parties on certain terms and conditions, whereupon, the matter was taken up by the National Lok Adalat, Gurugram and an award dated 10.02.2018 (Annexure P-2) was passed in NACT No.6480 of 2015.

3. A perusal of the paper book further reveals that the settlement arrived at between the parties could not be honoured and accordingly, an amount of Rs.87,29,694/- was left to be paid.

4. Thereafter, another one time settlement (OTS) was arrived at between the parties vide letter dated 27.01.2022 (Annexure P-3), which reads as under :-

'IIFL HOME LOAN

Dated: 27.01.2022

Mr. Ashutosh Verma

M/s Ashutosh Verma and Associates

A-24, First Floor, Kailash Colony

New Delhi

Settlement letter for the Loan Account No.720931

Mortgaged Property Address :- Plot bearing no.C/3075 (Old No.AG-8), Sector-C, Green Fields, Faridabad, Haryana, Ind 121001

This is with reference to the captioned loan Account under which you have availed from us loan facilities by executing certain loan documents thereby agreeing to repay the same in equated monthly instalment.

That, due to certain unavoidable circumstances you were unable to honor your commitment towards repayment of the Equated Monthly Installments (EMI) on their respective due dates. As a result of which the total outstanding amount along with bounce charges, Delay payment Charges, Legal Charges and foreclosure charges has occurred, as on 25 Jan 22, accumulated to the tune of Rs.87,29,694/- (Rupees Eighty Seven Lacs Twenty Nine Thousand Six Hundred Ninety Fourt Only)-(Forreclosure Amount is attached)

That, you have approached us and expressing your inability to repay the entire aforesaid amount, requested us for consideration of a waiver on the said amount.

That, having considered your request, we have, agreed to grant a waiver of Rs.47,29,694/- (Rupees Forty Seven Twenty Nine Thousand Six Hundred Ninety Four only) on the said total outstanding amount of Rs.87,29,694/- (Rupees Eighty Seven Lacs Twenty Nine Thousand Six Hundred Ninety Four only) and accordingly agreed to settle the said loan account for Rs.40,00,000/- (Rupees forty Lacs only), in subject to receipt and clearance of the same on or before 28 Feb 22.

That, time as the essence for the waiver granted and failure on your part in repayment of the said amount Rs.40,00,000/-