M/S Indian Oil Corporation vs M/S Nepc India Ltd., & Ors

The Supreme Court upheld the Madras High Court's order allowing the quashing of complaints against NEPC India Ltd. and Skyline NEPC Ltd. under Section 482 of the Criminal Procedure Code. The Court emphasized that the hypothecation of aircraft under the Deed of Hypothecation was valid, and the appellant, Indian Oil Corporation, had the right to take possession of the hypothecated property upon default of payment as per Clause 9 of the Deed. The Court ruled that the complaints were not maintainable as the disputes were of a civil nature arising from contractual obligations, thus affirming the High Court's decision.