- (1.) Quashing of F.I.R No. 34 dated 04.06.2003 u/s 420/406/467/468/471/120-B IPC 13(1) read with 13(2),88 P.C Act, registered at Police Station Vigilance Bureau, District Ludhiana is being sought, on the basis of compromise/settlement dated 29.04.2011 (P-3).
(2.) The petitioner was a director of M/s Harshill Wires Pvt. Ltd. In the year 2000, the petitioner approached respondent No. 2-PFC for taking loan for setting up a factory of wire drawing against the property of the company.
(3.) Accordingly, the property of the company was mortgaged and first installment " 26,59,500/- was issued. However, the petitioner was unable to pay back the loan to respondent No. 2 which resulted in multiplication of the liability towards respondent No. 2. The loan amount arises to " 55,00,000/- as on 29.04.2011. In the above background, F.I.R was registered against the petitioner and performa respondent Nos. 4 and 5 (P-1).;