Hon’ble Servesh Kumar Gupta, J.

By means of this petition, moved under Section 482 Cr.P.C., a prayer has been made to quash the proceedings of criminal complaint case no.899 of 2008, Kedar Dutt Bhatt, Vs. Manager M/s Indiabulls and another, and the order of cognizance dated 24.06.2009 passed thereupon by learned Judicial Magistrate, Haldwani, District Nainital.

2. Having heard learned counsel for the parties, it transpires that the private respondent and petitioner M/s India Bulls Company, through its functionaries, entered into an agreement on 16.04.2007 whereby the said company sanctioned a loan of Rs.3,20,842/- for purchasing a ‘Tata Truck’ on hire-purchase basis. Some money was also subscribed by the respondent in purchase of the Truck and he furnished his sureties also for ensuring the repayment of loan. The Equated Monthly Installment (EMI) of Rs.10,830/- was settled against the captioned loan. The truck was purchased and given in the custody of the respondent, who got it plied on the road to earn.

3. After a couple of months, there was a default in the payment of E.M.I. on the part of the respondent towards company and a total default of Rs.97,470/- became due to