ALPIC FINANCE LTD. vs P. SADASIVAN

The Supreme Court addressed the appeal of a non-banking financial institution against a High Court order quashing proceedings initiated under Sections 420, 406, and 423 IPC. The Court held that the High Court erred in quashing the proceedings as the appellant had made a prima facie case of cheating and misappropriation, thus reinstating the Magistrate's order to take cognizance and issue a search warrant under Section 93 Cr.P.C. The Court emphasized the importance of allowing the trial to proceed to determine the merits of the allegations.