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Judgment
Harinath.N, J
The petitioners are arraigned as accused in crime No.53 of 2023 for the alleged offences under Sections 420, 409 read with 34 of the Indian Penal Code (IPC) at Addanki Police Station, Bapatla.
The petitioners are borrowers of a loan from M/s.Sriram City Union Finance Limited Company.
It is alleged in the complaint that the petitioners obtained loans by pledging their property. It is further alleged that the petitioners have defaulted on the loan and upon verification, it was found that the properties furnished as collateral security did not meet the requirements of the finance company to match the loan amounts. The Branch Manager and the valuator of the bank have also been made accused. The petitioners are arraigned as accused as they have borrowed the money.
In a finance company, the process of disbursement of loan has to pass through several checks and balances, which ought to be in place. It is alleged in the complaint that the petitioners’ land is valued at 2,02,000/- as per the value in the sub-registrar office. However, the valuer has valued the property beyond the value registered with the Sub-Registrar office. The process of valuation of a property has to be properly assigned to an agency which renders the requisite service and several factors determine the valuation of property. It is ultimately the call of the finance company to disburse the loan or reject the application.
The petitioners are only the borrowers who applied for the loan. The grievance of the company appears to be that the petitioners have defaulted on repayment.
Considering this, the petitioners shall be enlarged on bail in the event of their arrest, subject to the following conditions:-
i) The petitioners shall be enlarged on bail in the event of their arrest upon furnishing a personal bond for Rs.10,000/- (Rupees Ten Thousand only) each, along with two sureties for a like sum, to the satisfaction of the Station House Officer, Addanki Police Station, Bapatla District.
ii) The petitioners are further directed to cooperate with investigation and appear before the Station House Officer, Addanki Police Station, Bapatla District, as and when required for the purpose of investigation.
With the above conditions, the criminal petition is allowed.
Miscellaneous petitions, if any pending, in the Criminal Petition, shall stand closed.