AJAY YADAV vs DIRECTORATE OF ENFORCEMENT

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on: 13.05.2025 Pronounced on: 31.05.2025 + BAIL APPLN. 1282/2025 & CRL.M.A. 9981/2025 INTERIM BAIL AJAY YADAV .....Petitioner Through: Mr. Mohit Mathur, Senior Advocate with Mr. Yashvardhan, Ms. Kritika Nagpal & Mr. Pranav Das, Advocates versus DIRECTORATE OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, ED, Mr. Kanishk Maurya, Mr. Kartik Sabharwal & Mr. Kunal Kocchar, Advocates CORAM: HON'BLE MR. JUSTICE RAVINDER DUDEJA JUDGMENT RAVINDER DUDEJA, J. 1. The present application has been filed under Section 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 read with Section 45 of the Prevention of Money Laundering Act, 2002 [PMLA, 2002] on behalf of the applicant Ajay Yadav for grant of bail in Corruption Case Bail Appln. 1282/2025 Page 1 of 23 Signature Not Verified Digitally Signed By:VAISHALI PRUTHI Signing Date:31.05.2025 14:55:32 01/2024 titled as “Enforcement of Directorate vs. Sunstar Overseas & Ors.” arising out of ECIR/GNZO/09/2021 dated 09.04.2021. FACTUAL BACKGROUND 2. The present ECIR arises out of FIR being RCHG2020A0021 dated 31.12.2020 registered with CBI on a complaint filed by the then Chief Manager of Punjab National Bank, Sonipat [‘PNB’] against M/s Sunstar Overseas Ltd. [‘SOL’] and its Directors. As per the FIR, accounts of five banks, namely, PNB, ICICI Bank, IDBI Bank and State Bank of India were declared Non-Performing Assets [‘NPAs’]. It was alleged that SOL had availed various credit facilities from consortium of nine lender banks and had diverted /siphoned off the said loan amount, thereby failing to repay the said loan amounts to the banks. It was also alleged that the accused company had violated the terms and conditions of the loan agreements in respect of the hypoth