SAHIL GORWARA Vs. UNION TERRITORY

JUDGEMENT

(1.) Instant petition has been filed under Section 439 Cr.P.C. seeking regular bail to the petitioner pending trial in case FIR No.12 dated 01.02.2016, under Sections 420, 467, 468, 471, 120-B IPC, registered at Police Station Sector-3, Chandigarh.

(2.) Briefly noticed FIR in question was registered on the complaint of Chief Manager, ICICI Bank, Sector-9-C, Chandigarh and as per which in an internal inquiry conducted by the Bank the case of cheating, fraud and forgery of documents has come to light by M/s. Arvind Trade Links Private Limited (for short 'ATLPL') of which Arvinder Singh Gorwara (since deceased), Daljit Kaur Gorwara and the present petitioner were the Directors. Allegations are that the three accused aforementioned entered into a conspiracy to defraud ICICI Bank of crores of rupees.

(3.) As per complaint, ATLPL was incorporated in the year 2010 and had its registered office at Plot No.106, Village Pabhat, Zirakpur, having acquired all the assets and liabilities from Laxmi Sales Agency, a family owned business of trading in foundry chemicals since the year 1994. ATLPL was having a banking relationship with the then State Bank of Patiala at Dera Bassi, Punjab for a fund based working capital of Rs.3.75 crores and a term loan facility of Rs.1.4 crore with an outstanding amount of Rs.96 lacs as on 07.08.2013. The loan is stated to have been taken over by the ICICI Bank in the month of August, 2013.