RAMESH SHARAN RAI Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) Both the revisions have been filed under Sec. 482 of the Code of Criminal Procedure for quashing of the proceedings of GR Case No.209 of 2023 arising out Hare Street P.S Case No.52 dated February 22, 2023 under Ss. 120B/406/465/467/468/471/420 of the IPC pending before the Chief Metropolitan Magistrate, Calcutta. Therefore both the revisions were heard together and this Court proposes to disposed of both the revisions by the following composite judgment.

(2.) Palogix Infrastructure Private Limited ("Palogix") was admitted into Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code, 2016 pursuant to an order of the National Company Law Tribunal (NCLT) dtd. 16/5/2017. Sanjay Kumar Mishra was chosen as the successful resolution applicant and an order dtd. 12/2/2018 was passed by the NCLT at Kolkata approving the resolution plan submitted by him. Mr. Mishra was appointed as the managing director of GCL Logistics Terminal LLP. This limited liability partnership resulted from a Memorandum of Understanding (MOU) executed between Palogix and Sanjay Kumar Mishra and Godavari Commodities Limited. Godavari Commodities Limited holds 100 equity shares in Palogix. The LLP was constituted between the parties with ownership ratio of 1:99 where 1% was of Sanjay Kumar Mishra without any investment and GCL LLP became the majority shareholder in Palogix to the extent of 73.25%. Mr. Ranjan Kumar was appointed as the director of GCL LLP on 20/8/2018.

(3.) Sanjay Kumar Mishra, along with Ramesh Saran Rai, Vishal Rai and Shweta Rai, who are minority shareholders of Palogix, created a resolution dtd. 1/2/2022 and appointed one Mr. Atul Paliwal as the director of Palogix. It is contended by the opposing party that Mr. Mishra tried to part with the possession of Durgapur Freight Terminal belonging to Palogix in favour of one Durgapur Freight Terminal Private Limited (DFTL) which is a company run by one Ajay Malviya, an associate of Ramesh Saran Rai. An agreement was entered by Palogix for transfer of license to carry on freight terminal business upon DPTL by virtue of a MOU dtd. 5/1/2017 which was cancelled by an agreement dtd. 31/12/2018. It is contended that the accused persons have been diverting revenue receivable by Palogix to various third party entities in order to cause wrongful loss and this was brought to the notice of Coke Oven Police Station, Durgapur, on 13/10/2022.