THE HON’BLE SRI JUSTICE RAJA ELANGO CRIMINAL PETITION No.6591 of 2011 ORDER: Petitioners/A-1 & A-2 approached this Court with a prayer to quash the proceedings initiated against them in Crime No.45 of 2011 on the file of Kurnool I Town Police Station, Kurnool, registered for the offence punishable under Section 420 IPC. Learned counsel for the petitioners submitted that the petitioners being the partners of a partnership Firm namely M/s.V.C.Delux are dealing in the business of construction activities and they got constructed 15 residential flats in Block-B in C.P.No.81/70, Venkata Ramana Colony, Kurnool, for which they availed loan from the complainant Bank. Learned counsel further submitted that in the complaint nowhere it is stated that the petitioners failed to repay the loan amount at any point of time, as such, the petitioners are falsely implicated in this case. The contents in the complaint would show that as per the unconditional declaration and undertaking submitted by the petitioners, the petitioners should obtain N.O.C (No Objection Certificate) from the complainant Bank before sale of every flat and duly remit the relative component of sale consideration into the loan account. It further reveals that in utter breach of the terms and conditions agreed to and undertaken under the loan covenants, the petitioners have sold away 8 flats to various persons without obtaining N.O.C from the bank and without routing the sale consideration into the loan account and thereby cheated the bank and resorted to criminal misappropriation of public funds. In view of the above, this court is not inclined to interfere with the investigation of the present crime. Hence, this criminal petition is dismissed. ____________________ JUSTICE RAJA ELANGO 04.08.2011 v v