BAIL APPLN. 884/2023

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IN THE HIGH COURT OF DELHI AT NEW DELHI

Date of decision: 20^th October, 2023

+

BAIL

APPLN.

884/2023

&

CRL.M.A.

7069/2023

(Interim

Protection)

PARSHANT JAIN

..... Petitioner

Through:

Mr. D.K. Sharma, Mr. Vishal Tyagi

and Mr. Gaurav Kumar, Advocates.

versus

THE STATE (NCT OF DELHI)

..... Respondent

Through:

Ms. Priyanka Dalal, APP for the State

with

SI

Varun

Chechi,

P.S.

Barakhamba Road.

Mr. Anil Sethi & Mr. Samarth Raj

Sethi,

Advocate

for

complainant

alongwith complainant in person.

.

CORAM:

HON’BLE MR. JUSTICE AMIT SHARMA

JUDGMENT

AMIT SHARMA, J.

1.

The present application under Section 438 of the Code of Criminal

Procedure, 1973 („CrPC‟) seeks anticipatory bail in case FIR No. 130/2022,

Digitally Signed

By:RANJU BHALLA

Signing Date:20.10.2023

19:53:04

Signature Not Verified

BAIL APPLN. 884/2023

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under Sections 406/409/420/120B of the Indian Penal Code, 1860 („IPC‟),

registered at P.S. Barakhamba Road.

2.

The case of the prosecution is that the present FIR was registered at the

instance of Sumit Agarwal (hereinafter referred as the „complainant‟) against

the present applicant as well as other accused persons. The case of the

complainant is that he is engaged in business of wholesale trade of synthetic

yarns. It is alleged that in July 2021, one Mr. Rishab Jain (co-accused), who

was known to him, introduced the complainant to the present applicant and

suggested that the complainant could sell yarn through the applicant‟s

proprietorship firm, i.e., M/s Prashant Zippers. It is further alleged that the

present applicant introduced him to one Mr. Jitender Goyal, who claimed to

be the former‟s father-in-law and subsequently induced him to enter into a

transaction whereby they would purchase yarn from the company of the

complainant at a discounted price in lieu of their fee/commission and

thereafter sell it in the market and that they would make the payment to the

complainant within 07 days from the date of invoice. It is alleged that on the

basis of the aforesaid inducement, the complainant supplied polyester yarn to

them vide various invoices, for a total amount of Rs. 1,63,10,109/-. It is

alleged in the FIR that the present applicant made a part payment of Rs.

21,08,575/-. It is further alleged that on 01.06.2022, the complainant received

a hand-written note on WhatsApp from the present applicant asking all his

creditors who were wholesale yarn dealers to come to his factory at Narela on

02.06.2022 at 11:00 AM. It is alleged that at the said factory, the present

applicant came to the said factory alongwith his father Surender Jain and in

presence of all the traders stated that his total liability towards all of them has

Digitally Signed

By:RANJU BHALLA

Signing Date:20.10.2023

19:53:04

Signature Not Verified

BAIL APPLN. 884/2023

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become zero and that he would not pay anyone for their goods. It is further

alleged that the present applicant used to buy yarn from the wholesale dealers

and sell the same on a lower price and by adopting this practice, the applicant

caused a loss of Rs. 50 Crores to wholesale dealers including the present

complainant. The present FIR was registered and investigation was

conducted.

3.

Learned counsel appearing on behalf of the applicant submits that the

present dispute is purely civil in nature. It is pointed out that the applicant and

the complainant had a running account and as per the accounts, the

complainant in fact owes an amount of Rs. 1,81,41,323/- to the firm of co-

accused Rishab Jain which has been intentionally concealed by the

complainant in the present FIR. It is further submitted that the applicant made

a payment of Rs. 3 lakhs even after registration of the FIR on 18.01.2023. It is

further submitted that