Criminal Misc. No.M- 8817 of 2010 (O&M) 1 In the High Court of Punjab and Haryana at Chandigarh Criminal Misc. No.M- 8817 of 2010 (O&M) Date of decision: 8.7.2010 Simran Singh and another ......Petitioners Versus State of Punjab .......Respondent CORAM: HON'BLE MRS. JUSTICE SABINA Present: Mr. R.P.Dhir, Advocate, for the petitioners. Mr.Amandeep Singh Rai, AAG, Punjab. **** SABINA, J. This petition has been filed under Section 438 of the Code of Criminal Procedure for grant of anticipatory bail in case FIR No. 50 dated 7.2.2010 under Sections 420/ 467/ 468/ 471/ 120-B of the Indian Penal Code (“IPC” for short), registered at Police Station Division No.5 Ludhiana. The contents of the FIR (Annexure P-1) read as under:- “ That the undersigned is Assistant General Manager of State Bank of India stressed Assets Resolution Center Zonal Officer (Punjab) Civil Lines, Ludhiana and is fully conversant with facts of the case Criminal Misc. No.M- 8817 of 2010 (O&M) 2 and is competent to submit the complaints on behalf of the Bank. 2) That M/s Raytex Cycle Components engaged in manufacturing of cycle and auto parts approached SBI, SMECC, ZO (PB) Civil Lines, Ludhiana on 12.7.2005, through its proprietor Sh. Simran Singh s/o Sh.Paramjit Singh for the grant of the following credit facilities : CC(Hyp): 15.00 lacs, C/C (BD): 7.00 lacs, SME Credit Plus: 2.00 lacs. 3) On the basis of financial data submitted, credit facilities as aforesaid were sanctioned on 13.7.2005. As per request of the borrowers loan account was to be operated at our link Road Ludhiana Branch. Sh.Paramjit Singh, father of Sh.Simran Singh stood guarantor to the loan and deposited title deeds of the following properties:- a) House measuring 116 sq.yards, khasra No.676 at Gali No.2, New Shimlapuri Ludhiana valued at Rs.9.09 lacs, B) House measuring 100 sq.yards khasra No.687-688, at Gali No.20, New Shimlapuri, Ludhiana valued at Rs.6.71 lacs. c) Factory premises measuring 90 sq.yards khasra No.680/2-681, Gali No.19, Gill No.2, New Shimlapuri, Ludhiana valued at Rs.10.97 lacs 4) That Sh.Paramjit Singh while mortgaged the said properties tendered an affidavit dated 9.7.2005 confirming that he was owner in possession of the said property and properties were free from all sorts Criminal Misc. No.M- 8817 of 2010 (O&M) 3 of encumbrances. 5) That after availing the said credit facilities the borrowers firm did not adhere to Bank's financial discipline and account turned bad and declared as NPA as on 31.3.2006, the borrower failed for regularize the account despite repeated request and present outstanding in the account is Rs.26,30,000/- + interest w.e.f. 31.3.2006. 6) That the bank in order to recover its dues has initiated the proceedings under SARFAESI Act 2002 against the borrowers for sealing the said mortgaged properties. 7) That during the recovery proceedings while taking possession of the mortgaged properties it was detected that one of the properties measuring 116 sq. yards as mentioned at 3 (a) above had already been sold by PNB Overlock Road, Ludhiana Branch to Sh.Rajinder Singh on 13.3.2006 under SARFAESI Act 2002 for a consideration of 4.5 lacs. As per advices received from PNB, the said property was mortgaged with them by Sh.Paramjit Singh s/o Sh.Karktar Singh to secure a loan of 8 lacs raised by M/s Simran Industries Corporation, 7271, St. No.30, New Janta Nagar, Shimlapuri, Ludhiana on 30.5.1996, in which he was partner that account also turned NPA and PNB to release its dues sold the property mortgaged with them and issued a “Sale Certificate” dated 25.3.2006 in favour Criminal Misc. No.M- 8817 of 2010 (O&M) 4 of the purchasers, Sh. Rajinder Singh s/o Sh.Surjeet Singh r/o village Dharou, P.O.Sahnewal, District Ludhiana (B) That we got the title of the property verified by Sh.Bhajan Lal Saini, Bank's Advocate who has confirmed that title deeds of the property deposited without linkroad, Ludhiana branch by Sh.Paramjit Singh on 13.7.2005 are defective/fraudulently altered to cheat the bank. 9) That Sh.Paramjit Singh, knowing fullywell that he has already mortgaged the title deeds of the said property with the PNB gave a wrong affidavit that he is owner in possession of the property and the same is free from all encumbrances and bars. 10) That Sh.Simran Singh son Sh.Paramjit Singh and Sh.Paramjit Singh in collusion with each other, knowing fully well that the titled deeds of these properties are already deposited with PNB fraudulently and dishonestly submitted forged, false, and fabricated documents which they knew to be as such, induced the bank officers and succeeded in procuring the loan amount of Rs.24 lacs (Twenty four lacs only) in the name of firm M/s Raytex Cycle Components, thus causing loss to the bank. It is, therefore, requested that order to register the case against the named persons and the firm may be pleased be passed and during the investigation, if any other offence is made out in the case, Criminal Misc. No.M- 8817 of 2010 (O&M) 5 that may be added.” Learned counsel for the petitioner has submitted that the petitioner is innocent. The property mortgaged with Punjab National Bank was different than the property mortgaged with State Bank of India. Learned State counsel, on the other hand, has submitted that the offence committed by the petitioner was serious in nature. The petitioner was required for custodial interrogation. The petitioner had produced a forged sale deed before State Bank of India at the time of obtaining loan. In fact, the petitioner had taken loan on the basis of three sale deeds. The petitioner had based reliance on one sale deed for taking loan from Punjab National Bank as well as State Bank of India. After hearing learned counsel for the parties, I am of the opinion that no ground for grant of anticipatory bail to the petitioner is made out. The allegations levelled against the petitioner are serious in nature and the petitioner is required for custodial interrogation Accordingly, this petition is dismissed. (SABINA) JUDGE July 08, 2010 anita