JUDGMENT :

1. Heard Shri Anil Kumar Bajpai, learned counsel for the petitioners, learned A.G.A. for the State and Shri Gaurav Pundir, learned counsel for respondent no. 4.

2. The batch of writ petitions arise from the same cause and incident, accordingly, are being heard and decided together on the consent of the parties.

3. The facts of Writ Petition No. 10571 of 2021 is being referred to for the sake of convenience.

4. The writ petitioners before the Court are bank officials of the rank of Assistant General Manager, Field General Manager, Chief Manager and Branch Manager.

5. By the instant petition, petitioners seek quashing of the impugned First Information Report dated 16.10.2021, registered as Case Crime No. 0412/2021, under Sections 420 and 406 I.P.C. Police Station Fatehpur, District Saharanpur.

6. Union Bank of India is a body corporate duly constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 (Act No. V of 1970) having its Head Office at Mumbai [Bank]. The petitioner was posted as Branch Manager at Saharanpur Main Branch, Saharanpur.

7. M/s Shyamvi Steels Private Limited, incorporated under the Companies Act, 1956, having its Head Office, at Ghaziabad, and Registered Office at New Delhi, and Unit/Works at Village Rehdi, Post Office Chuttmalpur, District Saharanpur [Company]. The first-informant/respondent no. 4 is one of the Directors of the Company.

8. The Bank sanctioned loan to the Company on 01.03.2013. Fund Based Loan at Rs. 175.00 Lakh and Term Loan at Rs. 400.00 Lakh i.e. total loan amount at Rs. 575.00 Lakh was sanctioned to the Company. Collateral security was furnished and hypothecated to the Bank at Rs. 4,41,780.00.

9. A Hypothecation Agreement of goods and debts for Rs. 1.75 crores was executed by the Company through its directors. The Company also hypothecated stock of raw material, office equipments, furniture and fixtures, air conditioners, stock in process, finished goods, consumables, plant and machinery, receivables, all present and future goods, book debts, all other movable assets of the company, plant and machinery, both present and future and bills etc. in favour of the Bank.

10. Further, to secure the credit facility Company mortgaged its immovable property with the Bank as an equitable mortgage or primary/collateral security, for the amount due to the Bank by depositing original title deed and also confirmed the creation of mortgage in favour of the Bank.

11. The Company through fourth respondent again requested to enhance the cash credit limit to Rs. 2.75 crores and on the said request Bank sanctioned/modified credit facilities to the Company on 01.03.2014. Thereafter, the credit facilities aggregating at Rs. 5,91,28,000.00 was sanctioned and disbursed by the Bank to the Company.

12. Fund Based Loan i.e. Rs. 175.00 Lakh was enhanced to Rs. 275.00 Lakh and on review the Term Loan was also enhanced at Rs. 316.28 Lakh on 25.02.2014.

13. The Company availed various credit facilities from the Bank aggregating at Rs. 575.00 Lakhs. The directors of the Company have also executed letter of personal guarantee securing the credit facility granted by the Bank to the Company.

14. The Company defaulted, consequently, the debt was classified Non-Performing Asset [NPA] on 01.02.2015.

15. The Bank issued notice dated 12.03.2015, under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [SARFAESI Act] duly served/delivered to the Company, whereby, the Company was called upon to discharge its liability in full with future interest and incidental expenses costs, within a period of 60 days from the date of notice, failing which Bank would proceed under Sub-Section (4) of Section 13 of the SARFAESI Act. The Bank on 02.06.2015 issued and delivered possession notice to the mortgagors.

16. The fourth respondent challenged the aforesaid notice before the Debts Recovery Tribunal, Lucknow [DRT] by filing S.A. No. 444 of 2015 (M/