ORDER

S.G. Gokani, J.

1. This is a successive bail application under Section 439 of the Code of Criminal Procedure, 1973 (hereinafter referred to as 'the Code'), the petitioner is allegedly involved in connection with R.C. No. RC0292018A0006 dated 26.03.2018 registered with CBI/ACB Gandhinagar for the offences punishable under Section 120-B r/w. Sections 420, 467, 468 and 471 of the Indian Penal Code, 1860 and Section 13 (2) r/w. Section 13(1)(d) of the Prevention of Corruption Act, 1988, investigated by the Central Bureau of Investigation (C.B.I.). The applicant had earlier also preferred bail application being Criminal Misc. Application No. 11793 of 2018. This Court on 20.12.2018 had directed the Investigating Officer to submit the report of further investigation on 08.01.2019, since after filing of charge sheet, C.B.I. continued to further investigate the matter. It was also directed that the Investigating Officer shall aim to complete the investigation on or before 30.01.2019 and further request on this count shall not be entertained. The C.B.I. since had desired more time, this Court without expressing any opinion on the merits of the case, on 05.02.2019 had granted liberty to the applicant to approach this Court after three months, since further investigation which was going on was likely to be over.

2. The brief facts as alleged in the F.I.R. are as follows:

2.1. The Company viz. Diamond Power Infrastructure Limited, Vadodara (hereinafter referred to as 'the Company') had obtained borrowings from different banks, although, the Company had appeared in the defaulter list of the Reserve Bank of India (R.B.I.). It is also alleged by the prosecution that the actual turnover of the company was much less than the projected turnover and the false statements and documents were created so as to avail more drawing power under cash credit facilities.

2.2. The letters of credit by the bank were issued in favour of sister concern of the company without following R.B.I. Guidelines. The company also gave loan worth of Rs. 16.70 Cr. and Rs. 32.96 Cr. to the associates, relatives and family members. It is also further alleged that the company without the permission of the bank had opened the account outside the consortium and the receivable which should have been repaid in clearing the dues, were diverted in those accounts.

2.3. It is the say of the applicant that the loan transaction is a genuine transaction dehors any fraud or criminality. The company is one of the largest cable and conductor manufacturers in India and is in the said business since 1971. The company has incurred an accumulated loss of over Rs. 1,500 Cr. in last 20 quarters (five years), which was not on account of alleged act of any fraud committed by the directors. However, the expansion plant of the company to expand its conductor manufacturing capacity and an ancillary unit at Baroda, Gujarat was to be established, for which, a consortium of Banks led by the Bank of India advanced the finances. It is the say of the applicant that due to slowdown of the domestic economy as well as delayed realization of receivables, there was a mismatch of cash flow. The company had faced financial distress in the year 2014-2015. It was emphasized repeatedly that it is not the allegation in the F.I.R. that company wanted to defraud the bank. On the contrary, the account was regular till 2014, however, in view of depressed market scenario and non-realization of the funds envisaged, the company had suffered heavily in revenue generation and could not achieve the result as expected. It is urged that, due to (i) increase in key raw material prices, (ii) delayed expansion leading to cost and time over run, (iii) lack of adequate working capital, (iv) elongated working capital cycle, and (v) delayed realization of receivables, there was liquidity constraint faced by the company.

2.4. It is a