SHALINDER GULHATI Vs. STATE OF J&K

JUDGEMENT

(1.) Since both the petitions for grant of bail have arisen out of a common FIR and the facts in both the petitions are similar in nature, hence both are being decided by this common judgment.

(2.) The petitioners are alleged to have committed the offences punishable under sections 420 and 120-B of the Ranbir Penal Code. The offence under section 420 is non-bailable. The petitioners were arrested on 17.11.2018 and are in judicial custody.

(3.) Before dealing with the outcome of applications on hand, a brief advertence of the circumstances leading to filing of instant applications is necessary. The petitioners wanted to sell the landed property measuring 29 Kanals situated at Gangyal, Jammu, and disclosed their intention to one Divya Ashish Jamwal, a common friend, who arranged the meeting of petitioners with complainant, namely, Navneet Mahajan, and his Late Father, namely, Mr. D. K. Mahajan. After negotiations and facilitation of Divya Ashish Jamwal, who mediated the deal, the value of said landed property came to be fixed at Rs. 26 crores. A Memorandum of Understanding was also prepared, in which it was agreed upon that after receiving Rs. 12.90 Crores, that is, almost half of the payment, the petitioners promised to handover the physical possession of said land. Accordingly, the complainant made a payment of Rs.12.90 Crores through Banks and also through Mediator, namely,Divya Ashish Jamwal, against proper receipts. However, on receipt of half of the payment, the petitioners failed to handover the possession of landed property and also failed to obtain No Objection Certificate from the Bank, to which the said property had been mortgaged. Instead they are alleged to have diverted the whole money, received from the complainant, to liquidate other liabilities and debts incurred by the petitioners. On the allegations of complainant that the petitioners have cheated him and also committed fraud upon Bank, as the landed property, proposed to be sold to the complainant, was mortgaged with the Bank and that the bank had no intimation regarding proposed sale, Police Station Crime Branch, Jammu, registered a case under sections 420 and 120-B of the Ranbir Penal Code against the petitioners and their father C.K Ghulati and mediator Divya Ashish Singh Jamwal. On completion of the investigation, the police filed the criminal Challan in the Court of learned Judicial Magistrate, 1st Class, Sub Judge, Jammu.