Punjab-Haryana High Court
Halcyon Life Sciences Pvt. Ltd. And ... vs M/S Bibby Financial Services India Pvt. ... on 26 November, 2013
Author: Ritu Bahri
Bench: Ritu Bahri
Crl. Misc. No. M-24988 of 2013 (O&M) [ 1 ]
IN THE HIGH COURT OF PUNJAB & HARYANA, CHANDIGARH
Crl. Misc. No. M-24988 of 2013 (O&M)
Date of Decision: Nov. 26,2013
Halcyon Life Sciences Pvt. Ltd. and another ... Petitioners
Versus
M/s Bibby Financial Services India Pvt. Ltd..... Respondent
Coram: Hon'ble Ms. Justice Ritu Bahri
1.To be referred to the Reporters or not?
2. Whether the judgment should be reported in the Digest?
Present: Mr. Anand Chhibbar, Sr. Advocate with
Mr. Vaibhav Sahni and
Ms. Harpriya Khaneka, Advocate
for the petitioners.
Mr. Gurpreet Singh, Advocate
for the respondent.
...
RITU BAHRI, J. (Oral)
Crl. Misc. No. 46749 of 2013
The criminal miscellaneous is allowed. Agreement dated 28.9.2013 (Annexure P-10) is taken on record. Main case This petition under Section 482 Cr.P.C. is for quashing of the criminal complaint No. 393 of 2013 dated 25.3.2013 under Sections 138 of the Negotiable Instruments Act, 1881 (Annexure P-1) and the summoning order dated 25.3.2013 (Annexure P2) passed by the JMIC, Gurgaon. Kaur Rupinder 2013.12.03 10:38 I attest to the accuracy and integrity of this document Chandigarh
Crl. Misc. No. M-24988 of 2013 (O&M) [ 2 ] The petitioners are Directors of Halcyon Life Sciences Private Limited and Ind-Swift Laboratories Ltd. They do not dispute that both the companies are owned by the same family. The Director of Halcyon Life Sciences Private Limited is Sahil Munjal who is the son of Nav Rattan Munjal, who is the director of second company. They are working Directors and are responsible for the day-to-day functioning of the company.
Vide order dated 1.8.2013 notice was issued for compounding of the offence as the amount due was approximately `5.00 crores and the personal appearance of rest of the petitioners was exempted before the trial Court.
After notice, the matter has now been compromised between the parties as per the Agreement dated 28.9.2013 (Annexure P-10). As per this Agreement the total amount to be paid is `5,94,99,657/- plus interest and other charges upto 31st July 2013. The schedule of re- payment has been agreed upon between the parties and the payment is to start from 30.9.2013 and the last payment is to be made by 15.2.2015. It is also agreed that the complainant shall not pursue any litigation already initiated before the trial Court subject to the payments made in time. In case of default of payment of any installment, he shall be at liberty to enforce payment due to it. It is also agreed between the parties that once the entire payment is made Kaur Rupinder 2013.12.03 10:38 I attest to the accuracy and integrity of this document Chandigarh Crl. Misc. No. M-24988 of 2013 (O&M) [ 3 ] whether jointly or severally as per the schedule of the payment the liability of the borrower as well as the Guarantor shall be considered to be exhausted in perpetuity against the Factor in full and final settlement of its entire dues. In case of bouncing of a cheque, a grace period of 30 days is given to the borrower and the grace period can be extended for maximum three times.
Counsel for the parties state that the parties abide by the terms and conditions of the Agreement dated 28.9.2013 (Annexure P-10).
In view of the Agreement (Annexure P-10), this petition is being disposed of. However, it is made clear that personal appearance of the petitioners remain exempted till the final payment is made by 15.2.2015 subject to the following conditions:- (i) petitioners shall be represented through counsel; (ii) shall not delay/stall the trial proceedings; (iii) shall not dispute their identity as accused;
(iv) shall have no objection if the prosecution evidence is recorded in their absence but in the presence of their counsel; (v) shall appear before the trial Court as and when required by the trial Court; and (vi) any other condition which the learned trial Court may impose.
26.11.2013 ( RITU BAHRI )
Rupi JUDGE
Kaur Rupinder
2013.12.03 10:38
I attest to the accuracy and
integrity of this document
Chandigarh