Calcutta High Court (Appellete Side)
Indiabulls Commercial Credit Ltd. & Anr vs The State Of West Bengal & Anr on 16 December, 2022
Author: Bibek Chaudhuri
Bench: Bibek Chaudhuri
16.12.2022 CRR/4503/2022 Indiabulls Commercial Credit Ltd. & Anr.
-Vs-
The State of West Bengal & Anr.
For the petitioners: Mr. Sandipan Ganguly, Sr. Adv., Mr. Ayan Bhattacharjee, Adv., Mr. Shounak Mitra, Adv., Ms. Shivangi Thard, Adv., Mr. Apalak Basu, Adv. For the Opposite Party No.2:
Mr. Sabyasachi Banerjee, Adv., Mr. Joey Chatterjee, Adv., Mr. Danish Haque, Adv., Mr. Abhishek Roy, Adv.
Opposite party No.2 is a director of A.S. Confin Private Limited and defacto complainant of this case.
It is not in dispute that the opposite party No.2 took loan of Rs.70 Crores out of a loan agreement of Rs.150 Crores from the petitioners. As he failed to repay the loan amount, as per the schedule of the loan agreement, the petitioners rescind the said agreement and took step to realize the loan amount by invocation of pledges. The opposite party No.2 thereafter filed a Suit for declaration and permanent injunction against the petitioner and its directors being Title Suit No.1170/2022 in the 4th Court of the learned Civil Judge (Sr. Division) at Alipore. In the said Suit opposite party No.2 admitted the Execution of loan agreement dated 21st May, 2021 and acceptance of Rs.70 Crore from the petitioners. The said Suit was dismissed.
Subsequently the opposite party No.2 has lodged a complaint with the inspector-in-charge of Titagarh police station against the petitioners stating, inter alia, that the petitioners had invested a sum of Rs.70 Crores out of Rs.150 Crore and the directors of the petitioner company had refused to refund the securities after appropriating its 2 dues. They have also coerced the defacto complainant to put his signature on some blank papers causing wrongful loss to the petitioner.
On the basis of the said complaint, police registered Titgarh P.S Case No.646/2022 dated 26th October, 2022 under Section 420/406/409/506/120B of the Indian Penal Code.
It is contended on behalf of the opposite party that against the loan of Rs.70 Crores, as on this date, the moveable and immoveable assets pledged/mortgaged with the petitioners are worth Rs.350 Crores and the petitioners are trying to misappropriate such huge amount of money by invocation of pledge.
Having heard the learned Advocate for the petitioners and the private opposite party, this Court of the view that the petitioners have been able to make out an arguable case. Therefore the instant revision is admitted. Since the private opposite party has already entered appearance, the petitioner is directed to serve a copy of the instant application to the learned Advocate and record on behalf of the opposite party No.2.
The State of West Bengal be served through learned P.P. Affidavit of service be filed by the petitioners two weeks after the winter vacation.
In the meantime, though the investigating officer is at liberty to proceed with investigation of the case, no coercive step shall be taken against the petitioners for a period of eight weeks from date.
Liberty to mention.
(Bibek Chaudhuri, J.)