The court emphasized the importance of fulfilling obligations, preventing misappropriation of funds, and ensuring genuine efforts for project revival in economic offences cases.

JUDGMENT

Suresh Kumar Kait, J. - The above captioned first four petitions [Bail Appln.1133; 1134; 1138; 1139 of 2019] and sixth petition [Bail Appln.4191/2020] have been filed by petitioners- Sushant Muttreja and Nishant Muttreja. The above captioned fifth petition [Bail Appln.4121/2020] has been filed by petitioner -Nishant Muttreja. Both the petitioners- Sushant Muttreja and Nishant Muttreja are sons of late Subhash Muttreja and are ex-Directors of M/S Cosmic Structures Ltd.

2. Bail Appln. 1133/2019, pertains to FIR No. 47/2016, Bail Appln. 1134/2019 pertains to FIR No. 35/2016; Bail Appln. 1138/2019 pertains to FIR No. 46/2016 and Bail Appln. 1139/2019 pertains to FIR No. 36/2016, registered at Economic Offences Wing, New Delhi and by these petitions, petitioner-Sushant Muttreja is seeking interim bail for 06 months.

3. Bail Appln. No. 4191/2020 & Bail Appln.4121/2020 pertain to FIR No. 108/2017, registered at Economic Offences Wing, New Delhi and by these petitions, petitioner-Sushant Muttreja and Nishant Muttreja are seeking interim bail for 12 months.

4. The brief background of the case, as mentioned in Bail Appln. 1133/2019, pertaining to FIR No. 47/2016, are that the accused company-M/S Cosmic Structures Ltd was incorporated in the year 2011 and purchased 100% shares of M/S Splendor Info Park Pvt. Ltd. in the year 2014, to which Plot No 15, Sector KP V, Greater Noida, U.P. was allotted. It proposed to construct the commercial space IT/ ITES fully furnished office space for unit bearing No. A -187 measuring 201 Sq. ft in tower and shop space complex. Further the accused company proposed to construct three towers up to 11th floors and one mall with four shops as commercial and five floors as studio apartments for residence, three towers up to 11th floors and one mall with four shops as commercial and five floors as studio apartments for residence. In each tower it proposed to construct 1500 (approximately) dwelling units comprising of virtual space, lockable space, furnished units, fully furnished spaces, office spaces at the project sites. Besides this the company also proposed to construct 50 shops at each floors and 50 studio apartments on each floor. Besides this ground floor of each tower had various service units like restaurants, food courts, exhibition centre, medical centers, club, gym, banks, ATMs etc.

5. The allegations levelled FIR No. 35/2016 i.e. in Bail Appln. 1134/2019 are that in the year 2012, accused-company i.e. M/S Cosmic Structures Ltd purchased 100% shares of M/S Amplex Technologies Pvt. Ltd. to which the project land at Plot No. 10, Tech Zone, Yamuna Express Way, Greater Noida, U.P, was allotted. Thereafter, it proposed to construct commercial space unfurnished divided unit bearing No. E- 101, measuring 1075 sq. ft in Tower -III on the first floor. Further it proposed to construct three towers up to 11th floor, one mall with four shops as commercial and five floors as studio apartments for residence. In each tower, it proposed to construct 1500 (approximately) dwelling units comprising of virtual space, lockable space, unfurnished units, fully furnished spaces, office spaces at the project sites. Besides this the company also proposed to construct 50 shops at each floors and 50 studio apartments on each floor. Besides this ground floor of each tower had various service units like restaurants, food courts, exhibition centre, medical centers, club, gym, banks, ATMs etc.

6. The allegations in FIR No. 46/2016, i.e. Bail Appln. 1138/2019 are that the accused company entered into an agreement dated 16.04.2013 with M/s Surya Jyoti Software Pvt. Ltd for transferring the share holding for the consideration of Rs 42 Crores to which the project namely COSMIC Corporate Park 154, Plot No. 1, Sector 154, Noida, U.P. was allotted. Thereafter, it proposed to construct the commercial space No. A-I-0125VBI-1297, measuring 210 Sq. Ft. lockable furnished space in Tower-I on the first floor at CCP- 154, Noida, U.P. Further