SANJAY TULSYAN Vs. STATE OF NCT OF DELHI

JUDGEMENT

(1.) The present bail application has been filed under Sec. 438 Cr.P.C. read with Sec. 482 Cr.P.C. on behalf of the applicant seeking anticipatory bail in FIR No. 02/2018 registered under Ss. 406/409/420/120B IPC at Police Station EOW, Delhi.

(2.) Learned counsel for the applicant submits that there is no criminality involved in the present case as the entire dispute is civil in nature. He further submits that the FIR in the instant case was lodged at the instance of ex-Directors of M/s SSP Diamonds Pvt. Ltd. (hereinafter referred to as 'the Company') after a considerable delay and the applicant, after being granted interim protection vide order dated 20.01.2020 of this Court, has joined the investigation. He also submits that the applicant has receivables from the market, which can satisfy the complainants' claims.

(3.) Ms. Neelam Sharma, learned APP for the State, on the other hand, has vehemently opposed the bail application. It is submitted that the applicant in the present case was declared a 'proclaimed offender' on 08.01.2020, and the order declaring him as such has not been assailed till date. Insofar as the merits of the case are concerned, learned APP submitted that the present complaint was lodged against the applicant and others at the instance of Smt. Pushpa Verma, Sh. Ashok Kumar, Smt. Manju Bandooni, Smt. Saroj Rawat and her husband Sh. Rakesh Rawat (hereinafter collectively referred to as the 'complainants') on the allegation that they were induced by the accused persons to stand as sureties/guarantors for the credit facilities obtained by the Company, in connivance with the bank officials of Indian Overseas Bank (hereinafter, referred to as 'the Bank'). Although initially the complainants had agreed to mortgage their properties for one year as collateral securities against the cash credit (CC) limit of Rs.2 crores availed by the Company, their signatures were later misused in continuing the mortgage of the title documents of their properties beyond the agreed period. Subsequently, due to the non-payment of outstanding dues by the Company, the properties of the complainants were attached and auctioned by the Bank under the SARFAESI Act. It is further contended that the applicant was instrumental in diverting the funds obtained to sister firms/associated companies. In this regard, it is submitted that in October, 2015 the Company had stock worth more than Rs.20 crores however, in December, 2015 the account suddenly turned NPA. Learned APP also contended that during investigation, the applicant has provided ledgers of companies/firms with which the Company carried out sale/purchase of stocks. Out of 16 companies with which maximum dealings were carried out, three companies have been found to have left the available addresses. It is lastly submitted that the applicant has failed to justify the losses suffered by the Company.