Hence the present appeals.
Shorn of unnecessary details, the facts, material for the purpose of disposal of these appeals may be stated thus Both the appellants in these appeals were senior employees of the Fertilizer Corporation of India Limited hereinafter referred to as FCIL , a government companypany within the meaning of Section 617 of the Companies Act, 1956.
In June 2002, FCIL and its employees preferred a Writ Petition CWP No.3298 of 2002 before the High Court of Delhi challenging the said order of the AAIFR.
However, due to the breakdown of a synchronized gas companypressor and other financial difficulties, FCIL stopped supplies of ammonium nitrate to IEL.
The writ petition was disposed of by the High Court by its order dated 26th November 2002, whereby it remitted the matter back to BIFR for fresh companysideration on the revival of the closed units of FCIL.
During the pendency of the writ petition before the High Court, the Government of India, on 30th July 2002, issued a memorandum for closing of all the units of FCIL except the Sindhri and JMO units.
34 of 2003 before the 4th Civil Judge, Alipore for recovery of the outstanding amount of Rs.4,20,41,622/ along with future and pendelite interest against FCIL.
BIFR, upon receiving the reference, directed the winding up of FCIL, except the JMO unit and on 2nd April 2004 sent its opinion to the High Court for companyfirmation.
As per the arrangement under the agreement, it was agreed that FCIL would supply ammonium nitrate to IEL and against this supply, IEL would supply explosives of an equivalent value to BCCL, which in turn would supply companyl of equivalent value to FCIL.
It is an undisputed fact that pursuant to the said arrangement ammonium nitrate was supplied by FCIL to IEL for some time.
2560/2003 in the companyrt of Chief Metropolitan Magistrate, Kolkata under Sections 406, 420 and 120B of the IPC read with Sections 540 and 542 of the Companies Act, 1956 against both the appellants and Mr. A.K. Mukherjee.
The companyplainant Indian Explosives Limited hereinafter referred to as IEL , respondent No.1 in these appeals, is engaged in the manufacture and sale of industrial explosives.
However, on 16th April 2002, the AAIFR dismissed the said appeal and companyfirmed the order of the BIFR for the winding up of FCIL.
Some time in December 2001, FCIL aggrieved by the opinion of the BIFR, preferred a statutory appeal under Section 25 of SICA before the Appellate Authority for Industrial and Financial Reconstruction hereinafter referred to as AAIFR .
The appellants herein availed of the Voluntary Suppression Scheme and were discharged from the service of FCIL.
IEL, on 23rd January 2004, obtained and was granted permission by the BIFR to companytinue with the said civil suit subject to the companydition that they will number execute the decree in the suit without the permission of the BIFR.
On 2nd November 2001, BIFR formed its final opinion recommending winding up of FCIL and forwarded the same to the High Court of Delhi.
On 10th September 2002, the Government of India issued yet another memorandum directing closure of the Sindhri unit as well.
It was further directed that FCIL shall implement Voluntary Suppression Scheme in all its units, and all the employees shall be discharged of their employment.
Simultaneously, on 25th May 2003, IEL also filed a Title Suit No.
Aggrieved by the order of the Magistrate taking companynizance of the companyplaint, appellants together with Mr. A.K. Mukherjee preferred the afore stated petition under Section 482 of the Code for quashing of the order summoning them to stand trial, before the Calcutta High Court.
On 30th October 2003, the Chief Metropolitan Magistrate referred the companyplaint to Metropolitan Magistrate, 8th Court, Kolkata, who issued summons against the appellants and Mr. A.K. Mukherjee.
K. JAIN, J. Leave granted.
Some time in the year 2001, FCIL entered into a tripartite agreement with M s Bharat Coking Coal Limited hereinafter referred to as BCCL and IEL.
These appeals, by special leave, arise out of the judgment and order dated 28th February 2007, delivered by the High Court of Calcutta in CRR No.2898 of 2004 in a companymon petition filed by the two appellants herein and one Mr. A.K. Mukherjee, who is number deceased, under Section 482 of the Code of Criminal Procedure, 1973 in short the Code .
On 6th November 1992, FCIL was declared a sick companypany under Section 3 1 o of the SICA by the BIFR.
By the impugned judgment, the High Court has declined to quash a private companyplaint filed by respondent No.1 companypany against the appellants and Mr. K. Mukherjee for offences under Sections 420, 406 and 120B of the Indian Penal Code, 1860 for short the IPC .
Ammonium nitrate is a major raw material for the manufacture of explosives, and the same was procured by IEL from FCIL.
On 20th April 1992, the FCILs Board of Directors passed a resolution to the effect that the companypany had become a sick companypany within the meaning of the Sick Industrial Special Provision Companies Act, 1985 hereinafter referred to as SICA and hence a reference should be filed with the Board of Industrial and Financial Reconstruction hereinafter referred to as BIFR .
