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* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 06.02.2026 Judgment pronounced on: 11.03.2026 Judgment uploaded on: 13.03.2026 + BAIL APPLN. 2805/2025, CRL.M.A. 33614/2025 &

CRL.M.A. 3080/2026 AJIT KUMAR JENA .....Petitioner Through: Mr. Apoorv Kurup, Senior Advocate with Mr Anuroop Chakravarti, Mr Shreyash Chaturvedi and Ms Nidhi Mittal, Advocates.

versus THE STATE OF NCT OF DELHI .....Respondent Through: Mr. Manoj Pant, APP for the State along with Inspector Shikhar.

Ms. Meena Chaudhary Sharma, Mr Akkash Bhadana, Mr Saurabh Goel, Ms Roli Mishra and Mr Vishal Chechi, Advocates for complainant.

+ BAIL APPLN. 2913/2025 GOPAL CHATURVEDI .....Petitioner Through: Mr. Apoorv Kurup, Senior Advocate with Mr. Danish Aftab Chowdhury, Mr. Shreyas Chaturvedi and Mohd.

Sameer, Advocates.

versus STATE OF NCT OF DELHI .....Respondent Through: Mr. Manoj Pant, APP for the State along with Inspector Shikhar.

Ms. Meena Chaudhary Sharma, Mr. Akkash Bhadana, Mr. Saurabh Goel, Ms. Roli Mishra and Mr. Vishal Chechi, Advocates for complainant.

+ BAIL APPLN. 4968/2025 RAMAKANT SHANKARMAL PILANI .....Petitioner Through: Mr. Amit Prasad, Mr. Tushar Gupta, Ms. Neharika Kushwah, Mr. Sumit Kr. Mishra, Ms. Savita Sethi, Mr. Lakhvinder Singh and Mr.

Raunak Pilani, Advocates.

versus STATE NCT OF DELHI .....Respondent Through: Mr. Manoj Pant, APP for the State along with Inspector Shikhar.

Ms. Meena Chaudhary Sharma, Mr. Akkash Bhadana, Mr. Saurabh Goel, Ms. Roli Mishra and Mr. Vishal Chechi, Advocates for complainant CORAM:

HON’BLE DR. JUSTICE SWARANA KANTA SHARMA

JUDGMENT

DR. SWARANA KANTA SHARMA, J

1. By way of these applications, the applicants herein seek grant of regular bail in case arising out of FIR bearing No. 86/2024, registered at Police Station E.O.W., Mandir Marg, New Delhi, for the commission of offence punishable under Sections 420/406/467/468/

471/120B of the Indian Penal Code, 1860 [hereafter ‘IPC’].

Case of the Prosecution

2. Brief facts of the case, as emerging from the status report and the material placed on record, are that the present FIR came to be registered on the complaint of Sh. Ravi Pandey, Authorized Representative of M/s Lok Sewak Leasing & Investment Pvt. Ltd., alleging commission of offences of cheating, forgery and criminal conspiracy by M/s GBL Chemical Ltd., M/s Ganesh Benzoplast Ltd. and their associates, including the present applicants. It was alleged that in January 2024, representatives of the said companies had approached the complainant company seeking a debt/equity investment, projecting that their companies were reputed in the market for manufacturing sodium benzoate and were experiencing substantial business growth. It was represented that the companies had earlier achieved a turnover of about ₹95 crores in the year 2018, which had increased to about ₹212 crores, and that they were targeting sales of ₹1,000 crores by the year 2026 with around 240 permanent employees on their rolls. It is alleged that accused Ramakant Shankarmal Pilani had submitted a written request seeking a loan of ₹7.03 crores on behalf of M/s GBL Chemical Ltd. The complainant company was provided with several documents, including board resolutions and other records relating to M/s GBL Chemical Ltd. and M/s Ganesh Benzoplast Ltd. Being induced by the representations made by the accused persons, the complainant company had sanctioned a loan of ₹7.03 crores to M/s GBL Chemical Ltd., subject to the condition that its holding company, i.e. M/s Ganesh Benzoplast Ltd., would act as a co-borrower in the loan transaction. The loan amount was thereafter disbursed into the SBI current account maintained in the name of M/s GBL Chemical Ltd. However, after receiving the loan amount, the borrower company allegedly delayed repayment of the loan and despite follow-ups, only two instalments were paid and thereafter no further repayment was made.

3. During enquiry and investigation, two additional complaints were also received from M/s IM Securities Pvt. Lt