KANCHAN CHAKRABORTY,J. - (1.) Heard Mr. Sinha, learned advocate appearing on behalf of the petitioner as well as Mr. Ghose, learned advocate for the State.
(2.) This application under section 482 of the Code of Criminal Procedure has been taken out by Ravi Shankar Dwary praying for quashing of the proceedings in G. R. Case No. 2008/05 pending in the court of Ld. Chief Metropolitan Magistrate, Calcutta arising out of Bowbazar P. S. Case No. 336 dated 31-08-2005 under sections 420/406/120B of the Indian Penal Code.
(3.) The short reference to the factual aspect is required to be given for proper appreciation of the case. There was a transaction resulted in an agreement between the parties on the basis of which, the petitioner ; Prabhat Kumar Sit, director of the Company M/s. Gaiwal Polytex Private Ltd. agreed to arrange for loan Rs. 2,00,00,000/- to the opposite party M/s. J. S/ Chandok(Developers) Pvt. Ltd. As per terms and conditions of the agreement, M/s. J. S. Chandok Developers Pvt. Ltd.(hereinafter referred to as O. P. No. 2) was supposed to pay the service charge to the petitioner's company to the tune of Rs . 4,50,000/- against security. The O. P. No. 2 paid Rs. 4,50,000/- to the petitioner's company and in turn, the petitioner company issued two cheques of Rs. 25,000/- and Rs. 20,000/- in favour of O. P. No. 2 towards security and that security which was already paid . Ultimately, the loan of Rs. 2 lakhs could not be arranged. The petitioner company failed to pay back Rs. 4,50,000/-taken by towards service charge. Thereafter, the two cheques issued by the company were presented by the opposite party no. 2 to its banker, but were dishonoured. Despite receiving demand notice, the money was not paid within the stipulated period and, accordingly, the proceeding under was initiated by the O. P. No. 2 against the petitioner company and another namely Prabhat Kumar Shit.;