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SC held that the High Court erroneously quashed the FIR involving alleged fraudulent business transactions. The Court emphasized that inherent powers under Section 482 CrPC must be exercised sparingly and only in exceptional circumstances. Despite long-standing business relationships between parties, the presence of potential shell companies and significant monetary transactions warranted a thorough investigation. The HC's presumption that criminal proceedings were merely an arm-twisting tactic was deemed inappropriate. The SC found the HC's exercise of jurisdiction unjustified, allowing the appeals and permitting the criminal investigation to proceed, highlighting the importance of examining case-specific facts before quashing criminal proceedings.
SC held that the High Court erroneously quashed the FIR involving alleged fraudulent business transactions. The Court emphasized that inherent powers under Section 482 CrPC must be exercised sparingly and only in exceptional circumstances. Despite long-standing business relationships between parties, the presence of potential shell companies and significant monetary transactions warranted a thorough investigation. The HC's presumption that criminal proceedings were merely an arm-twisting tactic was deemed inappropriate. The SC found the HC's exercise of jurisdiction unjustified, allowing the appeals and permitting the criminal investigation to proceed, highlighting the importance of examining case-specific facts before quashing criminal proceedings.
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