Code of Criminal Procedure, 1973: s.156(3) — Power under, scope — Borrower-respondent no.3 who defaulted in repayment of loan and against whom action under SARFAES! Act was taken filed criminal cases against the bank officials — Borrower and the bank officials entered one time settlement with stipulation to withdraw various cases — Borrower had filed another application u/s. 156(3) alleging cheating against the bank officials and FIR was registered in that complaint — In the OTS, borrower did not disclose about the said FIR—Appellants-bank officials moved High Court— High Court refused to interfere — Held: The FIR is liable to be quashed — The purpose of respondent no.3 was to only harass the appellants with the sole intent to avoid the payment of loan — The Magistrate should have kept himself alive to the provision relating to protection of action against secured creditors or any of its officers before venturing into directing registration of the FIR u/s. 156(3) - SARFAES| Act.