JAYANT KUMAR JAIN Vs. STATE

JUDGEMENT

(1.) The present application has been filed under Section 439 Cr.P.C. read with Section 482 Cr.P.C. seeking regular bail in FIR No. 128/2019 registered under Sections 409/420/467/468/471/120B IPC at P.S. Economic Offences Wing, New Delhi.

(2.) Mr. Mukul Gupta, learned Senior Counsel for the petitioner submitted that the present case arises out of the commercial transaction entered into between the complainant, LMJ Logistics Ltd. (now known as Sri Aranath Logistics Ltd. and hereinafter referred to as 'the SALL') and the group's flagship company namely LMJ International Ltd. (now known as Munisuvrata Agri International Ltd. and hereinafter referred to as 'the LMJIL') in the year 2017, in pursuance to which the complainant agreed to sanction Rs. 25 crores towards the "Working Capital Demand Loan" vide Sanction letter dated 12.10.2017. Besides the above, a Facility Agreement dated 17.10.2017 and a Tripartite Off-take Agreement were also entered into between the complainant, the SALL and the LMJIL. While the SALL was in the business of commodity trading, the LMJIL was in the business of import and export of the commodities.

(3.) It is submitted that initially in the year 2015, at the instance of one Subir Chakraborty, a representative of the Standard Chartered Bank, the SALL was provided credit facilities by the Standard Chartered Bank where a Tripartite Off-take Agreement was executed between the LMJIL, the Standard Chartered Bank and the SALL. Subsequently, the agreed limits sanctioned by the Standard Chartered Bank were considerably reduced which affected the affairs of the company. At that point of time, Mr. Subir Chakraborty again approached the SALL and introduced the complainant for the purpose of financing to the extent of reduced credit facility by the Standard Chartered Bank. In these circumstances, the 'Working Capital Demand Loan' was granted by the complainant to the SALL, which is subject matter of the present complaint.