ORDER:

This Criminal Petition, under Section 482 Cr.P.C., has been filed on behalf of the petitioner/A-1 to quash the proceedings dated 12.01.2020 in F.I.R.No.16/2020 of Muvvalavanipalem Police Station, Visakhapatnam District.

2. A case has been registered against the petitioner/A1 for the offences punishable under Sections 406, 420, 424 and 427 r/w.34 IPC.

3. Case of the prosecution, in brief, is that the de facto complainant is doing Finance business under the name & style of M/s.Shriram Transport Finance Company Limited and it is providing loans to purchase vehicles under loan-cum- Hypothecation agreement basis. Accused No.1, as borrower, and Accused No.2, as a guarantor, availed loan from the company towards purchasing a vehicle Ashok Leyland AL Viking FBV-P(BUS), bearing Registration No.AP20Y5777 by executing an agreement in favour of the company and agreed to repay the amount due as per the terms and conditions of the agreement. But, the accused failed to repay the amount due under the agreement and also failed to hand over the vehicle. Hence, the complainant company issued registered lawyers notice to the accused demanding to pay the arrears of loan outstanding amount of Rs.3,