The judgment emphasizes the right to a speedy trial under Article 21 of the Constitution of India and the consideration of fresh grounds for a second bail application in cases involving financial fraud and conspiracy.

JUDGMENT :

1. Heard Mr. Manish Tiwari, learned Senior counsel assisted by Mr. Kartikeya Saran and Mr. Aushim Luthra, learned counsel for applicant, learned Additional Government Advocate appearing on behalf of State as well as Mr. Arun Adlakha learned Senior counsel assisted by Ms. Sushmita Mukherjee, learned counsel appearing for informant and perused the record.

2. This second bail application has been filed with regard to Case Crime No.1450 of 2019, under Sections 420, 409, 467, 468, 471, 504, 506, 120-B IPC, registered at Police Station Phase-III, District Gautam Budh Nagar. First bail application was rejected vide order dated 12.07.2021 by his Lordship Hon'ble Justice Ram Krishna Gautam who has since demitted office and therefore this bail application has been listed before this Court as per roster.

3. As per contents of FIR, the applicant was introduced to the informant in the year 2016 and allured and induced the informant to investment money in a Share Broking Company by the name of Sumpoorna Portfolio Ltd. in which the applicant's son Nitish Aggarwala was a Director. It is stated that in a deep rooted conspiracy, the accused person in connivance with one another fabricated signatures of the informant and created false consent form whereby deceitment of huge amount of money of the informant and his Company amounting to Rs.4.35 crores of his company and 7.39 crores of M/s QA Infotech Pvt. Ltd. was made thereby causing a wrongful loss to the informant. It is also stated that subsequently the accused persons issued post dated cheques in favour of informant but at the same time filed a complaint before the National Stock Exchange against neutral arbiter in respect of adjustment of some outstanding.

4. It is a relevant factor that the first bail application was rejected by means of order dated 12.07.2021 indicating the fact that the applicant had made a false statement before Hon'ble the Supreme Court regarding date of filing of bail application. The application thereafter was rejected on merits against which the applicant filed Special Leave to Appeal (Criminal) No.5449 of 2021 which was dismissed as withdrawn vide order dated 02.08.2021.

5. Learned counsel appearing for applicant submits that subsequent to rejection of the first bail application, the informant himself had filed application under Section 173(8) Cr.P.C. for further investigation which has been allowed vide order dated 30.08.2022. It is submitted that the applicant is of advanced age and is under incarceration since 15.11.2020 with the main accused yet to be arrested. It has also been submitted that the Share Broking Company M/s Sumpoorna Portfolio Ltd. has not been made a party which is against settled law. It has also been submitted that a pure financial transaction of civil nature is being sought to be given a criminal colour. It has further been submitted that subsequent to the rejection of first bail application, the informant has entered into a compromise with co-accused. It has also been submitted that till date no charges have been framed against the applicant. As such, learned counsel for applicant submits that the applicant is under prolonged incarceration with trial not yet having commenced. It is submitted that prolonged incarceration can be a ground to be considered at the time of consideration of second bail application and would constitute a fresh ground particularly in the light of informant's application under Section 173(8) Cr.P.C. having been allowed.

6. Learned AGA as well as learned counsel for informant have opposed the bail application with the submission that no substantive fresh ground has been indicated by the applicant for consideration of second bail application. It is submitted that the fact scenario subsequent to the rejection of first bail application remains the same. It has also been submitted that three co-accused including the main accused Nitish Aggarwala son of applicant are as yet absconding despite multiple non-bailable