THE HONOURABLE SRI JUSTICE RAJA ELANGO CRIMINAL PETITION No.10377 of 2011 ORDER: Petitioners/Accused approached this Court with a prayer to quash the proceedings initiated against them in CC.No.420 of 2007 on the file of the Special Mobile Magistrate of Judicial First Class, Guntur, wherein they are facing trial for the offences punishable under Section 420 read with Section 34 of PC. As per the complaint, the allegation against the petitioners is that they obtained loan of Rs.10,00,000/- from the complainant Bank by mortgaging the property i.e., house site of 366.66 sq. yards situated at Syamalanagar, Guntur, belonging to the 1st petitioner herein. The further allegation against the petitioners is that part of the mortgaged property was already sold to some other person even prior to its mortgage with the complainant Bank. Heard. Learned counsel for the petitioners submitted that originally, the petitioners availed loan of Rs.10,00,000/- and thereafter they repaid Rs.8,00,000/- when the mortgaged property was auctioned by the complainant Bank. He further submitted that after filing of the charge sheet, a civil suit was filed before the competent Court by the complainant Bank, in which the parties entered into compromise and accordingly the petitioners herein paid the amount to the complainant Bank as agreed upon in the compromise settlement. To that effect, a full satisfaction memo was also filed in the civil Court. Perused the entire material placed on record. The respondent Bank addressed a letter, dated 01.07.2011, to the Station Officer, Nagarampalem Police Station, Guntur, which runs as follows: “With reference to the above we write to inform you that M/s Annapurna cotton trading company has closed the account under mutual compromise. Mr.Ch.Srinivasa Rao the partner of the firm paid the dues as agreed upon in the compromise settlement. Hence the account was closed on 31.03.2011. The satisfaction memo was also filed in the civil court to that effect.” Further, a copy of the full satisfaction memo, which was filed on behalf of the respondent Bank in the civil Court, is filed before this Court. Considering the aforesaid circumstances, the proceedings in C.C.No.420 of 2007 on the file of the Special Mobile Magistrate of Judicial First Class, Guntur, are hereby quashed. Accordingly, the Criminal Petition is allowed. Miscellaneous petitions, if any, pending in this Criminal Petition shall stand closed. ____________________ JUSTICE RAJA ELANGO 31.10.2011 v v