JUDGMENT

Mr. Ashok Kumar Verma, J.

This order will dispose of the above mentioned petitions as the same have arisen out of the common FIR.

2. The petitioners have filed the present petitions under Section 438 of the Code of Criminal Procedure, 1973 for grant of anticipatory bail to them in case FIR No.25 dated 07.03.2022 registered under Sections 420 and 120-B of the INDIAN PENAL CODE , 1860 at Police Station Navi Baradari, District Police Commissionerate Jalandhar.

3. The above-said FIR was registered on the basis of written complaint moved before the Commissioner of Police, Jalandhar by complainant-Sahil Goyal alleging that he is partner of M/s K.J. International and their firm deals in iron/steel. About 02 years back Mr. K.K. Jajoo, Chairman, Mr. Chandresh Jajoo, Managing Director, Ms. Sangeeta Kumar, Director and Mr. Harjesh Bhagat, Director of M/s Hema Engineering Industries Ltd. (HEIL) (herein the petitioners) contacted the complainant's firm and stated that their firm is dealing in manufacturing of Auto Parts and for that purpose they need raw material and in order to manufacture their material, they want to get Iron and Steel on loan basis. After purchasing the raw material they will make the payment in a short period and on the continues assurances given by them, the complainant's firm supplied raw material to their firm. Initially, for gaining confidence of the complainant, they make payment on time and thereafter they started purchasing raw material on loan basis and in order to keep confidence, they went on to make small payments and promised to pay the remaining amount afterwards. When the loan amount goes on higher side i.e. Rs.5,37,12,245/-, the complainant asked them to clear the dues and in order to discharge their liability, they issued various cheques of different dates and asked the complainant that these cheques are good for payment on their presentation in the bank but when the said cheques were presented to the bank the same were got dishonoured. Thereafter, the complainant asked them repeatedly to clear the dues on which the petitioners started giving threats to the complainant.

4. Learned counsel for the petitioners have argued that the petitioners have been falsely implicated in the present case. All the petitioners are an erstwhile Director/Managing Director/Employee of the firm M/s HEIL. Petitioners-Sangeeta Kumar and Chandresh Jajoo were already suspended due to pending insolvency/liquidation proceedings. Petitioner-Sangeeta Kumar was wrongly mentioned as Director in the FIR. Petitioner-K.K. Jajoo had resigned from the company in 2012, however, being father of Chandresh Jajjo, Managing Director, he was retained as signatory in Bank Account of Ms/HEIL in case of emergent situation and was discharged in March, 2020. Petitioner-Harjesh Bhagat was retired on attaining the age of superannuation in 2017. After retirement, he was offering consultancy services to M/s HEIL and since the consultation fee was not paid to him, he himself lodged his claim before NCLT Delhi. The entire business, assets, record etc. are under the control of Official Liquidator. The petitioners have no role in operations and transactions of the company. The petitioners have not signed any of the cheques issued to the complainant's firm. Business of around Rs.9 Crores was transacted between the parties. The payments were made by M/s HEIL from time to time to the complainant's firm. However, due to Covid and some other factors, the business and manufacturing activities of M/s HEIL suffered. Mere collapse or failure of business cannot be equated to criminal mens-rea.

5. Learned counsel for the petitioners have further submitted that insolvency proceedings were also initiated against M/s HEIL before NCLT, New Delhi before registration of the present FIR and vide order dated 05.04.2021 passed by NCLT, New Delhi, all the Directors of the company were suspended and the entire operations of the company were taken over by Mr. Vikas Gupta,