15.01.2025 Sl. No.: 10 Court No.30 BM CRR 796 of 2023 Md. Mirajuddin Shah & Anr.

Vs.

Industrial Bank Limited Zonal Mr. Manas Ajai Sonkar … for the petitioner Mr. Subhankar Chakraborty Ms. Ruchira Manna … for the opposite party

1. The present revisional application has been preferred praying for quashing of the proceedings being CS No.107142 of 2018 under Sections 34/120B/415/418/420 of the Indian Penal Code, pending before the learned CMM, Calcutta.

2. From the materials on record, it appears that the parties had entered into a Hire Purchase Agreement and due to default in payment of monthly instalments, the complainant company has taken possession of the vehicle in question as per the terms and conditions of the agreement.

3. The agreement of hire purchase also includes a clause for Arbitration but the complainant (company) in the present case has chosen to initiate the present criminal case against the petitioner herein who allegedly defaulted in re-payment of loan as per the Loan-cum-Hypothecation Agreement.

4. The said nature of transaction remains in the position of hire till the hirer (petitioner herein) exercises his option of purchase by making full payment towards the goods purc