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Orissa High Court · body

2017 DIGILAW 193 (ORI)

Sri Somanatha Adhikari v. State of Orissa

2017-02-21

J.P.DAS

body2017
ORDER 06 21.02.2017 Heard learned counsel for the petitioner and learned counsel for the State. The petitioner is an accused in C.T. Case No. 1093 of 2013 on the file of learned S.D.J.M., Bhubaneswar corresponding to EOW P.S. Case No. 06 of 2013 registered under Sections 420/468/471/12-B, I.P.C. It is alleged that the petitioner as The Managing Director of one company in the name and style of M/s. S.G.C. Trading (P) Ltd. obtained a loan of Rs. 5.25 crores from Central Bank of Punjab, which was subsequently merged with HDFC Bank Ltd. by mortgaging certain properties. In course of verification, it was found out that the properties, so mortgaged with the Bank were shown with an inflated valuation in connivance with some Bank official. It was alleged that the entire transaction was conceived and executed by all the participants including the present petitioner and the Bank officials with a dishonest intention for availing the loan by furnishing over valued properties as mortgage. It is further alleged that after availing the loan of Rs. 5.25 crores, the petitioner’s company repaid a sum of Rs. 92,46,030/- (Rupees ninety-two lakhs forty-six thousand thirty) and defaulted thereafter by not repaying that it was found from the record that the lands mortgaged with the Bank remain submerged during rainy season being adjacent to the riverbed and it has no utility for any purpose. It is also alleged that the total amount outstanding against the present petitioner and others including the interest is around of Rs. 17,00,00,000/- (rupees seventeen crores). It is submitted by learned counsel on behalf of the petitioner that the loan was obtained for a Cold Storage and after sanction of the loan, a sum of Rs. 2,50,00,000/- (rupees two cores fifty lakhs) was paid towards the outstanding dues of the said Cold Storage, namely, M/s. Swastik Ice Factory and Cold Storage Pvt. Ltd. It was also submitted that the said cold storage standing its plants and machinery were also mortgaged for the purpose of loan. It was also submitted that the bank without giving term loans to the petitioner’s company as agreed upon, seized the cold storage causing huge loss to the petitioner for which the petitioner’s company was not in a position to refund the amount. It was also submitted that the bank without giving term loans to the petitioner’s company as agreed upon, seized the cold storage causing huge loss to the petitioner for which the petitioner’s company was not in a position to refund the amount. It was also submitted and placed that the Bank has filed a petition before the Debt Recovery Tribunal for realization of the amount and as per the own statement of the informant, valuation of the properties assessed by independent two valuers in the year 2015 is Rs. 4,400,70,000/- (rupees four cores forty lakhs seventy thousand). Thus, it was submitted that the petitioner or his company had no intention for cheating the Bank and the dispute being related to the Bank transaction is purely civil in nature, which would be settled as per law. It was submitted on behalf of the State that the petitioner along with other Directors of the company in connivance with some the then Bank officials created fraudulent documents showing exorbitant valuation of the land and obtained the loan. It was also submitted that the petitioner and his company did not pay a single amount towards the loan after the initial payment on one occasion, which shows there dishonest intention. Considering the submissions, nature of allegations and the materials placed before the Court, it is directed that let the petitioner be released on bail by furnishing bond of Rs. 1,00,000/- (rupees one lakh) with two solvent sureties each for the like amount besides cash security of Rs. 50,00,000/- (rupees fifty lakhs) or in lieu thereof property security of similar valuation, not being the property involved in this case to the satisfaction of the learned S.D.J.M., Bhubaneswar in the aforesaid case with further condition that he shall not tamper with the prosecution evidence in any manner whatsoever. The Bail Application is accordingly disposed of. Urgent certified copy of this order be granted on proper application. Application disposed of.