Advocates appeared:
For the Parties : Mr. Arjun Singh Bhati, AOR Mr. S S Jangara, Adv. Mr. Shyam D Nandan, Adv. Mr. Vishvajeet Vijaykumar Shinde, Adv. M/s V. Maheshwari & Co., AOR Mr. Mohit D. Ram, AOR Mr. Sushil Kumar Singh, AOR Mr. Prabhas Bajaj, AOR Ms. Sadhana Sandhu, AOR Mr. Sahil Sethi, Adv. Mr. Samriddh Bindal, Adv. Mr. Vikash Kumar, Adv. Ms. Swikriti Singhania, AOR Mr. Swetank Shantanu, AOR Mr. Rameshwar Prasad Goyal, AOR Mr. Nitin Saluja, AOR Ms. Garima Singh, Adv. Ms. Ishita Soni, Adv. Mr. Manoj C. Mishra, AOR Mr. Parth Yadav, AOR Ms. Aditi Mohan, Adv. Mr. Sparsh Goel, Adv. Ms. Mani Munjal, Adv. Ms. Megha Karnwal, AOR Mr. Gopal Sankaranarayanan, Sr. Adv. Mr. Nikhil Kohli, Adv. Mr. Nalin Talwar, Adv. Mr. Mani Mehta, Adv. Mr. Manish Singhal, Adv. Mr. Ishan Gaur, Adv. Ms. Akshaya Ganpath, Adv. Mr. Kushank Garg, Adv. Ms. Saumya Tiwari, Adv. Mr. Ahmar Shad, Adv. Mr. Tushar Mudgil, Adv. Mr. Tushar Srivastava, Adv. Ms. Ritika Gambhir Kohli, AOR Mr. Saket Sikri, Adv. Mr. Ajay Pal Singh Kuller, Adv. Mr. Shashwat Tripathi , AOR Mr. Shyam Divan, Sr. Adv. Mr. Vishal Gosain, Adv. Mr. Viresh B. Saharya, AOR Ms. Rudrani Tyagi, Adv. Mr. Akshat Agarwal, Adv. Mr. Rishabh Mathur, Adv. Mr. Praney Sharma, Adv. Mr. Adith Deshmukh, Adv. Mr. Arpith Jacob Varaprasad, Adv. Mr. Chirag M. Shroff, AOR Mr. Viresh B. Saharya, AOR Mr. Garvesh Kabra, AOR Mr. Anurag Kishore, Adv. Mrs. Pooja Kabra, Adv. Mr. Ankur Agnihotri, Adv. Mr. Dhawal Uniyal, Adv. Mr. Kanik N. Jindal, Adv. Mr. K.m. Nataraj Ld, A.S.G. Mr. Shailesh Madiyal, Sr. Adv. Mr. Mukesh Kumar Maroria, AOR Mrs. Ranjana Narayan, Adv. Mr. Rajan Kumar Chourasia, Adv. Mr. Vatsal Joshi, Adv. Mr. Arvind Kumar Sharma, AOR Mr. Gopal Jha, AOR Mr. Atul Kumar, Adv. Mr. Ram Ji Dwivedi, Adv. Mr. Parijat Kishore, AOR Mr. Guntur Pramod Kumar, AOR Mr. Prem Prakash, AOR Mr. Sumeer Sodhi, AOR Mr. Arjun Nanda, Adv. Ms. Vanshika Jhamb, Adv. Mr. Kartikay Garg, Adv. Mr. Ravinder Kumar Yadav, AOR Mr. Vinay Mohan Sharma, Adv. Mrs. Arti Anupriya, Adv. Ms. Kritika Yadav, Adv. Mr. Kartikey, Adv. Mr. Paras Juneja, Adv. Mr. Vineet Yadav, Adv. Mr. Amir Yadav, Adv. Mr. Rahul Yadav, Adv. Mr. Naman Verma, Adv. Ms. Manisha, Adv. Mr. Sanjay Kumar Dubey, AOR Ms. Shuchi Singh, Adv. Mr. Rakesh Kumar Tewari, Adv. Mr. Ujjwal Kumar Dubey, Adv. Ms. Shivani Mishra, Adv. Mr. Aman Kumar, Adv. Ms. Nidhi, AOR Ms. Kiran Suri, Sr. Adv. Mr. Shree Pal Singh, AOR Mr. Sriram Parakkat, Adv. Mr. Aditya Santosh, Adv. Ms. Maneesha Sunilkunar, Adv. Mr. Anadhu S Nair, Adv. Mr. Venugopal Pillai J, Adv. M/s Lawfic, AOR Mr. Manoj C. Mishra, AOR Mr. Avinash Sharma, AOR Mr. Rajeev Singh, AOR Mr. Manoj K. Mishra, AOR Mr. Paresh Upadhyay, Adv. Mr. Umesh Dubey, Adv. Ms. Madhulika, Adv. Mr. Anand Kumar Rai, Adv. Mr. Amulya Dev Mishra, Adv. M/S. V. Maheshwari & Co., AOR Mr. Sanjay Kumar Tyagi, AOR Ms. Manju Jetley, AOR M/S. Vkc Law Offices, AOR Ms. Meenakshi Arora, Sr. Adv. Mr. Surya Jyoti Singh, Adv. Ms. Payal Chawla, Adv. Ms. Bhargavi Chauhan, Adv. Mr. Rameshwar Prasad Goyal, AOR Mr. Gagan Gupta, Adv. Mr. Sahil Sethi, Adv. Mr. Samriddh Bindal, Adv. Mr. Vikash Kumar, Adv. Ms. Swikriti Singhania, AOR Mr. S. K. Verma, AOR Mr. Vishal Prasad, AOR Mr. Narendra Pal Sharma, Adv. Mr. Akhileshwar Jha, Adv. Mr. Hitesh Kumar Sharma, Adv. Mr. Varun Verma, Adv. Mr. Anupam Kuamr, Adv. Mr. Sanjeev Kumar, Adv. Ms. Asmita Mishra, Adv. Mr. Shekhar Kumar, AOR Mr. Atmaram N.S. Nadkarni, Sr. Adv. Ms. Ruchira Gupta, Adv. Mr. Salvador Santosh Rebello, AOR Ms. Pooja Tripathi, Adv. Mr. Areen Gulati, Adv. Mr. Mohtisham Ali, Adv. Mr. Raghav Sharma, Adv. Ms. Moulishree Pathak, Adv. Ms. Manisha Gupta, Adv. Ms. Himanshi Nagpal, Adv. Ms. Deepti Arya, Adv. Mr. Ashok Kr. Choudhary, Adv. Mr. Gyanendra Singh, Adv. Mr. Shubham Saxena, Adv. Mr. Ashish Pandey, AOR Mr. Mohit Paul, AOR Ms. Rangoli Seth, Adv. Ms. Sanjleena Lal, Adv. Mr. Rohit, Adv. Mr. Dhruv Mehta, Sr. Adv. Mr. Shubhanshu Gupta, AOR Mr. Keith Verghese, Adv. Mr. Kartik Pant, Adv. Mr. Chaitanya, Adv. Mr. Srijan Sonkar, Adv. Mr. Krishnamohan K., AOR Mr. Mareesh Pravir Sahay, AOR Mr. Dhruv Mehta, Sr. Adv. Mr. Shubhanshu Gupta, AOR Mr. Keith Verghese, Adv. Mr. Kartik Pant, Adv. Mr. Chaitanya, Adv. Mr. Srijan Sonkar, Adv. Mr. Vipin Sanghi, Sr. Adv. Mr. Abhishek Anand, Adv. Mr. Mandeep Kalra, AOR Mr. Karan Kohli, Adv. Ms. Palak Kalra, Adv. Ms. Ridhima Mehrotra, Adv. Ms. Radhika Narula, Adv. Ms. Anushna Satapathy, Adv. Ms. Chitrangada Singh, Adv. Ms. Radhika Jalan, Adv. Ms. Widaphi Lyngdoh, Adv. Mr. Yashas J, Adv. Ms. Gauri Rajput, Adv. Mr. Vaibhav Yadav, Adv. Mr. Paras Mohan Sharma, Adv. Ms. Shefali Tripathi, Adv. Mr. Jogy Scaria, AOR Mr. Himanshu Bhushan, AOR Mr. Kumar Mihir, AOR Mr. Shubham Saxena, Adv. Mr. Ashish Pandey, AOR Ms. Garima Bajaj, AOR Mr. Mohit Paul, AOR Ms. Rangoli Seth, Adv. Ms. Sanjleena Lal, Adv. Mr. Rohit, Adv. Mr. Vivek Narayan Sharma, AOR Ms. Priya Sharma, Adv. Mr. Shrey Ravi Dambhare, AOR Mr. Mohit D. Ram, AOR Mr. K.B. Upadhyay, Adv. Mr. Manoj Kumar Rai, Adv. Mr. S.N. Tripathi, Adv. Mr. Raja Ram Tripathi, Adv. Mr. Shailesh Tiwari, Adv. Mr. S.D. Mishra, Adv. Mr. Maruti Nandan, Adv. Mr. Pushkar Anand, AOR Mr. Jitendra Mohan Sharma, Sr. Adv. Mr. Amrit Kesari Nandan Pradhan, Adv. Ms. Ambika Vats, Adv. Mr. Akshat Sharma, Adv. Mr. Ajit Sharma, AOR Mr. Anish R. Shah, AOR Mr. Divyansh Thakur, Adv. Mr. Bimlesh Kr. Singh, AOR

Key Points: - A company cannot directly or indirectly give a loan to its director without passing a special resolution in a general meeting or unless funds correlate to the principal business activities of the company (!) . - An appeal against the grant of bail cannot be considered on the same footing as an application for cancellation of bail (!) . - The Court concerned must not venture into a threadbare analysis of evidence adduced by the prosecution at the stage of bail (!) . - An appeal against the grant of bail must not be allowed to be used as a retaliatory measure (!) . - The petitioner was granted bail on conditions including depositing Rs. 50 crores, not committing similar offenses, not inducing or threatening witnesses, and attempting to settle claims of complainants (!) (!) (!) (!) . - The petitioner failed to comply with the bail conditions, particularly regarding the settlement of claims with allottees (!) (!) . - The deposit of Rs. 50 crores was made using funds from BIIPL and other related entities without a board resolution, violating Section 185 of the Companies Act, 2013 (!) (!) . - Reports from UPSIDA, the Observer, and the Committee appointed by the Court indicated that the project was incomplete and not fit for possession (!) (!) (!) . - The petitioner's conduct, including leaving a site inspection midway and providing incomplete lists of allottees, demonstrated a lack of bonafide intention (!) (!) . - The petitioner engaged in siphoning off Rs. 74 crores from GVCTPL to related entities during the moratorium period, which is a violation of the bail condition not to commit similar offenses (!) (!) . - The bail granted to the petitioner was cancelled due to non-compliance with the conditions, and the entire deposited amount of Rs. 50 crores plus accrued interest was forfeited (!) (!) .

What are the grounds for cancellation of bail?

What are the consequences of a company providing a loan to its director without a special resolution?

What are the implications of siphoning funds during a moratorium period under the Insolvency and Bankruptcy Code?