Sunil Somani vs State of Haryana

Tejinder Singh Dhindsa, J.—This order shall dispose of the present petition filed u/s 439 Cr.P.C. praying for the grant of regular bail to the petitioner in case F.I.R. No. 405 dated 10.10.2012 under sections 420, 406, 409, 467, 468, 471, 120-B I.P.C., registered at Police Station, Mujessar, District Faridabad.

Learned counsel for the parties have been heard at length.

The present case was registered on the basis of a letter written by the Managing Director of the Haryana State Industrial Infrastructure Development Corporation against the present petitioners, who were stated to be promoters of M/s. Super Fibres Ltd. and M/s. Rexor India Ltd., Faridabad. It was alleged that a number of cheques issued by the promoters were dishonored. That apart, the aforesaid two companies had availed term loans aggregating to Rs. 3686.27 lacs from the Corporation for expansion of their projects in plot no. 99, Sector 24, Faridabad and plot no. 57, Industrial Area, NIT, Faridabad. It was further alleged that these term loans were secured by way of a Pari-Passu charge of the Corporation on the land/building as also exclusive charge of the Corporation on the machinery financed by it. Yet another serious allegation contained in the F.I.R. was that the promoters had got the charges of the Corporation vacated by submitting forged documents before the Registrar of Companies.

During the course of arguments a few facts that have gone unrebutted and would require notice are that in relation to the dishonored cheques proceedings u/s 138 of the Negotiable Instruments Act already stand initiated. That apart, both the plots in question i.e. Plot no. 99, Sector 24, Faridabad and plot no. 57, Industrial Area, NIT, Faridabad are in possession with the Corporation based on pari-passu charge.

Mr. Om Dutt Vashisht, Deputy General Manager (Finance) with the complainant-Corporation is present in Court and would submit that as per valuation of the Corporation itself, both the plots noticed herein above carry a value in excess of Rs. 35,50,00,000/-. It has also been conceded that the matter now is pending before the Debt Recovery Tribunal with regard to the issue as regards the determination of the lead institution between the Corporation and the bank concerned i.e. State Bank of Patiala towards discharge of the loans availed by the two companies.

The issue with regard to documents having been forged for vacation of the charge and the criminal liability to be fastened as a result thereof, would be a question to be taken up during the course of trial.

Learned State counsel upon instructions from S.I. Suresh Chand would apprise the Court that the investigation in the case is complete, challan stands presented and even the charges have been framed. State counsel further states that out of a total of 17 prosecution witnesses cited only one has been examined till date. The trial, as such, is at the initial stage.

The petitioner has been in custody since 12.11.2013. The offences cited against the petitioner are all triable by the court of Magistrate.

In the totality of the circumstances and keeping in view the length of incarceration already suffered by the petitioner, this Court is of the considered view that petitioner is entitled to the concession of regular bail. Present petition is, accordingly, allowed.

Bail to the satisfaction of the Trial Court/Duty Magistrate.

Petition disposed of.