JUDGMENT

Jasmeet Singh, J. The present petitions have been filed by the petitioners seeking quashing of FIR No. 147/2020, dated 05.10.2020 under sections 406/420/120B IPC, registered at P.S. Economic Offences Wing.

2. The petitioners in CRL. M.C 1757/2021and W.P. (CRL) 1593/2021 areMr. Arun Kumar and Mr. Amit Mavi respectively.The respondents are the same in both the petitions.

3. Brief facts of the case are-

i. Two companies, namely Alisa Infratech Pvt. Ltd and and Baya Weaver Ltd (hereinafter called the accused companies) were jointly developing a project on land being Plot No. C3-A, measuring 18,898 sq. mtrs falling in Khasra No. 554M, 577M, 578M 579M (partly), 576 (partly) of Village Gheja, Tilastabad, Sector 129, Noida, Gautam Budha Nagar, Uttar Pradesh, under the name of "Oh My God". Mr. Arun Kumar was the Director of Alisa Infratech Pvt Ltd, while Mr. Amit Mavi was the main shareholder in both the accused companies. The petitioners were to develop the aforesaid project but by 2019, despite their best efforts,theywere only able to develop 5% of the project and took a loan from IIFL, which they were unable to repay. As a result, they approached respondent No.2 (Saya Cementatio