AJAY YADAV Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The present application has been filed under Sec. 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 read with Sec. 45 of the Prevention of Money Laundering Act, 2002 [PMLA, 2002] on behalf of the applicant Ajay Yadav for grant of bail in Corruption Case 01/2024 titled as "Enforcement of Directorate vs. Sunstar Overseas & Ors." arising out of ECIR/GNZO/09/2021 dtd. 9/4/2021.

(2.) The present ECIR arises out of FIR being RCHG2020A0021 dtd. 31/12/2020 registered with CBI on a complaint filed by the then Chief Manager of Punjab National Bank, Sonipat ['PNB'] against M/s Sunstar Overseas Ltd. ['SOL'] and its Directors. As per the FIR, accounts of five banks, namely, PNB, ICICI Bank, IDBI Bank and State Bank of India were declared Non-Performing Assets ['NPAs']. It was alleged that SOL had availed various credit facilities from consortium of nine lender banks and had diverted /siphoned off the said loan amount, thereby failing to repay the said loan amounts to the banks. It was also alleged that the accused company had violated the terms and conditions of the loan agreements in respect of the hypothecated goods as the said goods were disposed of without depositing sale proceeds in the cash credit accounts. The case of CBI is that SOL, through its Directors/Promoters/employees and others had committed fraud by siphoning off and diverting funds, criminal misappropriation, criminal breach of trust, cheating, fraud etc., thereby causing wrongful loss of approximately Rs.951.88 crores to the consortium of nine lenders banks. It has been alleged that SOL, after July 2017 failed to submit stock report to the consortium of lender banks, and subsequently, the said loan accounts of SOL were declared NPAs with effect from 31/3/2015 by the Statutory Auditor on 31/3/2017 and the consortium of lender banks approved a Master ReStructuring Agreement Package on 7/11/2015.

(3.) An application was filed by ICICI Bank under Sec. 7 of the Insolvency of Bankruptcy Code, 2016 ['IBC'] before the National Company Law Tribunal ['NCLT']. Corporate Insolvency Resolution Process ['CIRP'] proceedings were initiated against SOL on 20/7/2018, wherein an Interim Resolution Professional was appointed for the SOL. NCLT, vide order dtd. 12/9/2019 approved the resolution plan of the resolution applicant Ajay Yadav and company, body of individuals, through its Special Purpose Vehicle [SPV], M/s Umaiza Infracon LLP ['Umaiza'] for a total amount of Rs.196.00 crores.