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2020 (9) TMI 1235 - HC - Insolvency and BankruptcySeeking grant of Regular Bail - Tripartite Off-take Agreement - misuse of Working Capital Demand Loan - amount transferred to the other sister concerns/shell companies in order to square off its credit facility with the Corporation Bank - HELD THAT:- It is an admitted fact that the co-accused namely Navin Kumar Jain and Hulash Chand Jain were the other Directors and shareholders of SALL as well as LMJIL. They also signed/undertook personal guarantee to the complainant company in their capacity as Directors of the SALL against the “Working Capital Demand Loan”. Navin Jain had also signed the Tripartite Off-take Agreement in the capacity of Director of LMJIL. Both of them were not even arrested and the charge sheet against them was filed without arrest. During two years of enquiry/investigation, the petitioner joined investigation on multiple occasions. After his arrest, the EOW sought only one day PC remand. Neither in the Status Report nor during the course of arguments, any apprehension was shown that the petitioner is a “flight risk”. The case arises out of a commercial transaction and is based on documents that already stand seized. The petitioner has already approached the NCLT where a moratorium on the assets/properties has been declared and an IRP has been appointed. The complainant has already approached NCLT. The petitioner is directed to be released on regular bail on his furnishing a personal bond in the sum of ₹ 25 lacs alongwith two sureties of the like amount each to the satisfaction of the trial court and subject to further conditions imposed - the bail is granted - application allowed.
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