Neeraj Saluja vs Directorate of Enforcement

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(P&H) 49

N. S. SHEKHAWAT
Neeraj Saluja – Appellant
Versus
Directorate of Enforcement – Respondent

Advocates Appeared:
Mr. R.S. Rai Senior, Advocate , Mr. Anand Chiber Senior, Advocate, Mr. Rubina Virmani Adv., Mr. Shikhar Sarin Adv., Mr. Arjun S. Rai Adv., Ms. Prachi Gupta Adv., Mr. Satya Pal Jain Additional Solicitor General of India, Mr. Meghna Malik Adv.

JUDGMENT :

N.S. Shekhawat, J.

The petitioner has filed the instant petition under Section 4 83 of the Bharatiya Nagarik Suraksha Sanhita, 2023 with a prayer to grant a regular bail in ECIR/JLZO/36/2020 under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002, (hereinafter to be referred as ‘the PML Act’) registered by Enforcement Directorate, Jalandhar.

2. Learned senior counsel appearing on behalf of the petitioner vehemently argues that the petitioner is a guarantor and suspended director of a company known as SEL Textiles Limited (hereinafter to be referred as ‘the Company’). The said Company was a leading manufacturer of textiles products in North India and in the year 2009, the Central Bank of India and Allahabad Bank had formed a consortium to extend the credit facilities to the companies after observing the performance as well as financial returns of the Company. Later on, various financial facilities were availed by the Company from a consortium of 10 banks between the years 2009 to 2014. During this period, the Company also acquired various spinning units, situated at different places to expand the business. He further contends that in the meantime, the Company