Priyanka Srivastava and Anr. Vs. State of U.P. & Ors.
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Head Note
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 32
Criminal Procedure Code, 1973 - Section 156(3) - Direction by Magistrate to register FIR against appellant No.1 on application moved by respondent No. 3 who was defaulter in payment of loan and proceeding under Act, 2002 were taken up against him - During the tenure of the appellant No.1, who is presently occupying the position of Vice-President, neither the loan was taken, nor the default was made, nor any action under the SARFAESI Act was taken - However, the action under the SARFAESI Act was taken on the second time at the instance of the present appellant No.1 - Held that learned Magistrate should have kept himself alive to the provision of Section 32 of the Act, 2002 before venturing into directing registration of the FIR under Section 156(3) Cr.P.C. - It is because the Parliament in its wisdom has made such a provision to protect the secured creditors or any of its officers, and needles to emphasize, the legislative mandate, has to be kept in mind - Impugned order passed by the High Court liable to be set aside and the registration of the FIR liable to be quashed.
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