Vikas Khetwat V. Union of India through CBI

A.B.A./4612/2023

AI Insights

The case involves Vikas Khetwat, the proprietor of M/s Global Traders, who is accused of entering into a criminal conspiracy to obtain a loan of Rs.8.90 Crore from Bank of India under false pretenses, intending to use it for wholesale trade of clothes and textiles. Instead, the loan amount was allegedly diverted to other companies, leading to a Non-Performing Asset (NPA) status with an outstanding amount of Rs.8.03 Crore. The petitioner argued that he had already repaid a significant amount and that the loan was secured by collateral which has been partially recovered through court auctions. The prosecution opposed the bail, citing the economic nature of the offence and deliberate default in loan utilization. However, the court, referencing precedents set by the Supreme Court, found that further arrest would serve no purpose and granted anticipatory bail.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 695206 (HC-JHARKHAND)
• Appeal Type: Others
• Pronouncement Date: 02-08-2023
• Assessment Year: misc
• Other Referred Cases: Sidhartha Versus State of U.P. (2022) 1 SCC 676, Satender Kumar Antil Vs CBI (2022) 10 SCC 51, Aman Preet Singh Vs CBI, 2021 SCC Online SC 941
• Laws Referred To: Indian Penal Code
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: ANIL KUMAR; CHANDANA KUMARI
• Assessee Lawyers: INDRAJIT SINHA; RISHAV KUMAR
• Keywords: Anticipatory bail; Collateral security; Criminal conspiracy; Debt Recovery Tribunal; Economic offence; Loan default; Mortgage; NPA
• Section: 468; 420; 471; 120B; 406; 467; 438(2)

Judgement Text

"IN THE HIGH COURT OF JHARKHAND AT RANCHI A.B.A. No. 4612 of 2023 ------ Vikas Khetwat .... .... …. Petitioner Versus Union of India through CBI .... .... .... Opp. Party CORAM: HON'BLE MR. JUSTICE GAUTAM KUMAR CHOUDHARY For the Petitioner : Mr. Indrajit Sinha, Advocate Mr. Rishav Kumar, Advocate For the CBI : Mr. Anil Kumar, ASGI Ms. Chandana Kumari, A.C. to ASGI ------ Order No.05 Dated :02.08.2023 The anticipatory bail application filed on behalf of petitioner, who is apprehending his arrest in connection with R.C. Case No. 08(S)/2018-EOW-R for the offence registered under Sections 120B read with Sections 420, 406, 467, 468, 471 of the Indian Penal Code pending in the Court of learned S.D.J.M., Ranchi, is pressed into motion. As per the prosecution case, accused persons including this petitioner entered into a criminal conspiracy during 2014 to 2018 and in pursuance thereof, obtained a loan of Rs.8.90 Crore from Bank of India, Lalpur Branch, Ranchi in the name of M/s Global Traders for doing wholesale trade/business of clothes and textiles. The said loan was not used for trading clothes and money was diverted through various Shell Companies to the account of M/s Sarawagi Builders Pvt. Ltd. and M/s Shriram Comtrade Private Limited. The loan account became NPA with an outstanding amount of Rs.8.03 Crore to the Bank. The petitioner was proprietor of Global Traders who had contracted a loan from Bank of India and defaulted in the payment causing loss to the tune of Rs.8.03 Crore. It is submitted by the learned counsel on behalf of the petitioner that he paid repayment of Rs.1,68,00,000/- as interest to the bank and the loan was secured by collateral security of the property of different apartments, mortgage in favour of the bank. Out of four, three property have been sold in Court auction by Debt Recovery Tribunal for recovery of loan amount. After investigation, charge sheet has been submitted and in view of ratio decided by the Hon’ble Apex Court in Sidhartha Versus State of U.P. reported in (2022) 1 SCC 676 Satender Kumar Antil Vs CBI reported in (2022) 10 SCC 51 and Aman Preet Singh Vs CBI, 2021 SCC Online SC 941, no further purpose would be served to arrest the accused. Learned ASGI has opposed the prayer for bail. It is submitted that the matter involves economic offence wherein loan amount had been taken deliberately defaulted and instead of utilizing the for textile business was diverted to other company. Considering the submissions made, the anticipatory bail application is allowed. Accordingly, the petitioner, above named, is directed to surrender before the learned Trial Court within a period of two weeks and in the event of his arrest or surrender, he shall be released on bail on furnishing bail bond of Rs.1,00,000/- (Rupees One Lakhs only) with two sureties of the like amount each to the satisfaction of the Court below, subject to the conditions as laid down under Section 438(2) of the Code of Criminal Procedure and one of the bailors will be Income Tax Payee. (Gautam Kumar Choudhary, J.) Anit "