High Court Quashes Borrower's Criminal Case Against Indiabulls, Directs Arbitration for Dispute Resolution u/s 156(3) CrPC.

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....Borrower initiated criminal proceedings against lender Indiabulls by filing complaint u/s 156(3) CrPC alleging money laundering, despite existence of arbitration clause in loan agreement. HC held initiation of criminal proceedings by suppressing material facts like arbitration clause, pending arbitration, was malicious, lacking bona fides, to avoid loan repayment and secure leverage in arbitration. HC quashed FIRs and ECIR, directed disputes be resolved through arbitration. Petition allowed.....