Limitation Act, 1963-Section 3-Whether bars the right to which a remedy related--Right to enforce debt by judicial process-Scope of-Time barred debt-Realisation of-Filing of suit to recover debt-Creditor's obligation.

Penal Code, 1860-Section 40- Action in terms of a contract-Whether amounts to criminal breach of trust or misappropriation-creditor in possession of security-Adjustment of debt due from D security-Justification of.

Penal Code, 1860-Sections 409, 109/114--Complaint petition-Maintainability-Duty of Magistrate, indicated-Accused to be legally responsible for the offences charged-Magistrate's satisfaction of prima facie case-criminal justice-Objects of

On 5.5.1984, the Bank-appellant No.1, gave a loan of Rs.15,000 to one S.N. Dubey. The respondent and his wife executed a Security Bond, as guarantors and handed over a Fixed Deposit Receipt for a sum of Rs. 24,000 which was valued at Rs.41,292 on its maturity on 1.11.1988.

The principal debtor defaulted making payment of the debt. When the respondent's F.D. matured, the Manager of the Bank (appellant No.5) adjusting a sum of Rs.27,037.60 due and payable by the principal debtor as on December 1988 and the balance sum of Rs.14,254.40 was credited to the S.B. Account of the respondent.

The respondent filed a private complaint against the appellants in the Court of Addl. Chief Judicial Magistrate u/ss.409,109/114, IPC, alleging that the debt became barred by limitation as on 5.5.1987; that the liability of the respondent being co-extensive with that of the principal debtor, his liability also stood extinguished as on 5.5.1987; that without taking any action to recover the amount from the principal debtor within the period of limitation, on 14.1.1989, the Branch Manager credited to his S.B. A Account only RS.14,254.00 on the maturity of his F.D.R. and thereby the appellants criminally embezzled the amount.

The appellants filed this Criminal Appeal by special leave challenging the High Court's order declining to quash the complaint filed by the respondent u/ss. 409, 109/114, IPC.