ORDER : 1. Rule returnable forthwith. Ms. Jirga Jhaveri, learned Additional Public Prosecutor waives service of notice of rule for and on behalf of respondent No.2 Mr. R.C. Kodekar, learned Special Public Prosecutor waives service of notice of rule for and on behalf of respondent No.1. 2. Applicant seeks regular bail under section 439 of the Code of Criminal Procedure in connection with RC No.RC0292018A0006 dated 26.03.2018 registered with CBI/ACB, Gandhinagar for the offences punishable under section 120-B read with sections 420, 467, 468 and 471 of the Indian Penal Code, 1860 and section 13(2) read with section 13(1)(f) of the Prevention of Corruption Act, 1988, investigated by the Central Bureau of Investigation (C.B.I.). 3 Brief facts, as alleged in the First Information Report, are as follows: 3.1 The Company viz. Diamond Power Infrastructure Limited, Vadodara (hereinafter referred to as 'the Company') had obtained borrowings from different banks, although, the Company had appeared in the defaulter list of the Reserve Bank of India (R.B.I.). It is also alleged by the prosecution that the actual turnover of the company was much less than the projected turnover and the false statements and documents were created so as to avail more drawing power under cash credit facilities. 3.2 The letters of credit by the bank were issued in favour of sister concern of the company without following R.B.I. Guidelines. The company also gave loan worth of Rs.16.70 Cr. and Rs.32.96 Cr. to the associates, relatives and family members. It is also further alleged that the company without the permission of the bank had opened the account outside the consortium and the receivable which should have been repaid in clearing the dues, were diverted in those accounts. 3.3 It is the say of the applicant that the loan transaction is a genuine transaction de-hors any fraud or criminality. The company is one of the largest cable and conductor manufacturers in India and is in the said business since 1971. The company has incurred an accumulated loss of over Rs.1,500 Cr. in last 20 quarters (five years), which was not on account of alleged act of any fraud committed by the directors. However, the expansion plant of the company to expand its conductor manufacturing capacity and an ancillary unit at Baroda, Gujarat was to be established, for which, a consortium of Banks led by the Bank of India advanced the finances. in last 20 quarters (five years), which was not on account of alleged act of any fraud committed by the directors. However, the expansion plant of the company to expand its conductor manufacturing capacity and an ancillary unit at Baroda, Gujarat was to be established, for which, a consortium of Banks led by the Bank of India advanced the finances. It is the say of the applicant that due to slowdown of the domestic economy as well as delayed realization of receivables, there was a mismatch of cash flow. The company had faced financial distress in the year 2014-2015. It was emphasized repeatedly that it is not the allegation in the F.I.R. that company wanted to defraud the bank. On the contrary, the account was regular till 2014, however, in view of depressed market scenario and non-realization of the funds envisaged, the company had suffered heavily in revenue generation and could not achieve the result as expected. It is urged that, due to (i) increase in key raw material prices, (ii) delayed expansion leading to cost and time over run, (iii) lack of adequate working capital, (iv) elongated working capital cycle, and (v) delayed realization of receivables, there was liquidity constraint faced by the company. 3.4 It is also the say of the applicant that there was no question of fund diversion and from the year 2013 till 2018, lenders had only released fresh banking limits and not a single rupee extra has been released and kept the account standard. The company from the year 2013 had already paid Rs.1057 Cr. as interest and banking charges and Rs.900 Cr. on closely monitored expansion project. The funds were never given to the company in post 2013 period and merely interest recovery has been pressed. The company also faced according to the applicant, a cash drain out of over Rs.740.82 Cr. in the form of PV, penalties, retentions and other issues related to execution of ongoing and past supplies. 3.5 It is the case of the applicant that due to insistence of the directors/promoters of the company in the year 2014, a joint lenders' forum was formed to restructure and to give additional funds to the company. The Joint Lenders' Forum insisted and investigated forensic audit to be carried out in the affairs of the company and the Banks which are part of the consortium, appointed one T.R. Chhadha & Co. The Joint Lenders' Forum insisted and investigated forensic audit to be carried out in the affairs of the company and the Banks which are part of the consortium, appointed one T.R. Chhadha & Co. for carrying out the forensic audit of the company. According to the applicant, after a thorough inquiry, a report was prepared by the auditor indicating that there was no diversion of fund or any other issue which would suggest any fraud has been committed by the company or its promoters. The consortium of the bank has also accepted the said audit and had not questioned the same at any time and at any stage. An independent evaluation committee headed by representative of different institutions including Accountants, Engineers and Company Secretaries had supervised the said audit and approved the restructuring. Thus, indicates that there was no question of illegality or irregularity in relation to the management of the company was ever found by the auditors who were appointed by the Bank. 3.6 The Bank has also carried out further statutory annual audit by appointing KPMG and A.K. Yadav Company. That the said audit does not indicate any fraud or irregularity in the company. The Bank had also appointed simultaneously concurrent auditor who carried out audit till December, 2016. It is thus the say of the applicant that allegations with reference to the alteration or variation in stock statements are false. That Ruby Cables Ltd. is not a group company or sister concern of the DPIL. It is standard operating procedure for every Bank to take a credit information report on the supplier on whom the LC is to be opened. The allegation with regard to the investments and unsecured loans being given does not concern the funds given by the bank. These funds were raised through a private equity investment done by M/s. Clear Water Capital Partner in 2006, which was prior to two years to even securing any loan from the Banks and not from the borrowings. 3.7 The allegation of opening accounts outside consortium, the Bank of India unilaterally started deducting 2% of the receipt of the revenue and was not sharing the same with other lender. An objection by the lender to this act was raised and for keeping up management of the company unit in operation and pay power bill, salary and other business payments, the said funds were utilized. An objection by the lender to this act was raised and for keeping up management of the company unit in operation and pay power bill, salary and other business payments, the said funds were utilized. 3.8 Moreover, it is urged that the aluminum price from Rs.88 per kg went upto Rs.140 per kg, which is almost 60% high and the company had to perform all the contracts upon the rates which were already given to the vendors. That the company had incurred huge losses in genuinely performing the contracts and in such process, the company had lost more than Rs. 600 Cr. All the details have been submitted to the concerned bank and also undergone through forensic audit at different levels and at different stages. 4. There is further request that the applicant had been allowed interim bail since 18.06.2019, where the short tabular history of bail proceedings had been given at paragraph No.4. Cr.M.A. Number Order Date Order Details 11793/2018 05.02.2019 Regular Bail After Charge-sheet was disposed off without entering into merits with liberty to file after 3 months since further investigation was ongoing 8438/2019 18.06.2019 Further investigation not concluded. Interim Bail granted for 3 months. 16569/2019 20.09.2019 Further investigation not concluded. Interim Bail extended for 4 months 28666/2019 10.01.2020 Further investigation not concluded. Interim Bail extended for 6 months. 8622/2020 13.07.2020 Further investigation not concluded. Interim Bail extended for a period of 9 months. 5473/2021 19.04.2021 Interim Bail extended till 12.06.2021. 5473/2021 15.06.2021 Interim Bail extended till 31.01.2022. 22754/2021 12.01.2022 Interim Bail extended till 04.02.2022. 22754/2021 07.02.2022 Interim Bail extended till final disposal of application. 22754/2021 29.03.2022 Interim Bail extended till 29.11.2022. 5. It is urged that the proceedings before the NCLT has attained finality, where the Resolution Plan, which is higher than the entire dues of the bank has been received and approved. Therefore, the alleged losses as claimed by the Bank has, in fact, been offered to be paid in full and no losses would occur to the Bank. Again, neutral third party has offered to pay off more than the entire dues in itself. According to the applicant, it is sufficient to establish that there is bona fide value of the assets of the company, which shows that there was no misappropriation. 6. Again, neutral third party has offered to pay off more than the entire dues in itself. According to the applicant, it is sufficient to establish that there is bona fide value of the assets of the company, which shows that there was no misappropriation. 6. Action undertaken by the concerned Bank,i.e Bank of India classifying the account of the company’s fraud also has been stayed by this Court. Different agencies have collected data including CBI, however, the reports are not available. Thus, within the span of last four years, the CBI has registered more than 500 First Information Reports. There is no policy to arrest and there was no material to substantiate the charges levelled against the applicant. The applicant, therefore, has made a request that the upon completion of the investigation and filing of the chargesheet, several allegations and accusations have been, in fact, dropped and scope of allegation against the accused has been reduced multi-fold. Therefore, it is urged to enlarge the applicant on regular bail in connection with RC No.RC0292018A0006 registered with CBI/ACB, Gandhinagar. 7. Affidavit is filed by Mr. S.S. Bhadoriya, Investigating Officer, who is also present today before this Court, wherein he has not disputed the chronology of events and also the factum of Resolution Professional having taken over after Resolution Plan having been approved. It highlights the total figure of Rs.2401 crores offered by the Resolution Applicant i.e. M/s.GSECL in consortium with Mr.Rakesh Shah. Apt would be to refer to paragraph H as under: “H. That, the averments made in Para 11 are vehemently denied and submitted that NCLT proceeding are civil in nature whereas the present investigation is being carried out in respect of allegation of cheating and forgery and criminal misconduct by bank officials by abuse of official position in connivance with private persons. Further, it is submitted that the averments regarding offer of neutral third party to pay off the dues does not absolve the criminal intentio of the accused/applicant. Further submitted that Resolution Plan only highlights the total figure of Rs.2401 Crores offered by Resolution Applicant (M/s. GSECL in consortium with Mr. Rakesh Shah) in the updated Resolution Plant and omits the key detials. RA has offered to pay only Rs.501 Crores as Upfron and Deferred Cash Payment (Rs.70 Crores upfront and Rs.431 Crores in 8 installments over a period of 60 months from trigger date. Rakesh Shah) in the updated Resolution Plant and omits the key detials. RA has offered to pay only Rs.501 Crores as Upfron and Deferred Cash Payment (Rs.70 Crores upfront and Rs.431 Crores in 8 installments over a period of 60 months from trigger date. Further RA has proposed to issue unsecured redeemable bonds maturing at the end of 30 years aggregating Rs.1900 Crores, carrying coupon rate @0.001%. That, it is pertinent to mention here that the account was declared NPA in June, 2016 with retrospective effect from 09.01.2015. Further, NCLT failed to consider loss of interest of Bank during the year 2015 to 2022. Further, as per the plan, Resolution Applicant will pay Rs.70 Crore upfront and rest of the amount will be paid in 60 month i.e. 5 years from the trigger date, surprisingly NCLT has not considered loss of interest for the 5 year after trigger date. Further, the redeemable bond maturing after 30 year and it is not to be paid in terms of money instantly. Further, successful Resolution Applicant had created M/s. Gomax Aviation Private ltd., a special purpose vehicle (SPV) of M/s. GSEC Ltd. (Successful Resolution applicant of M/s. Diamond Power Infrastructure Ltd) and as per the Approved Resolution Plan, the Company will issue insecured redeemable bonds to the secured creditors of DPIL in proportion of their Admitted Claims, after deducting the Upfront and Deferred Payments to the tune of approximately Rs.1900 crores (unsecured redeemable bonds of Rs.100 each) redeemable at the end of 30 dyars at coupon rate of 0.001% p.a. which bonds are to be purchased by the company/ its SPV/Affiliated at Net Present Value, discounted qt 16% p.a. at any point of time within prescribed period of 30 years. It means admitted creditors (Banks and other entities) neither get money instantly nor get any interest on the money. Thus, the gravity of the offence and amount involved in fraud outweighs the financial impact of resolution plan as the total outlay of resolution plan is 30 years.” 8. It is, of course, maintained by the CBI that the sanctioned additional term loan was partly to fund the accused and time overturn of project for smooth completion of entire project. The accused and the co-accused had accepted the terms and conditions of sanctioned additional term loan. It is, of course, maintained by the CBI that the sanctioned additional term loan was partly to fund the accused and time overturn of project for smooth completion of entire project. The accused and the co-accused had accepted the terms and conditions of sanctioned additional term loan. It is also further urged that cost of defrauding the consortium of 11 banks and 8 NDFCs is to the tune of Rs.2654 crores and the applicant is one of the Directors, who has played an important role. 9. Affidavit does not say that there was any tampering with the evidence nor has there been any suppression after once the investigation has been initiated. All the properties of the petitioner had been, at an initial stage, directed to be attached by the Enforcement of Directorate, the CBI and other agencies, who had also pointed out 25 properties as mentioned in the order dated 18.06.2019 which are as follows Sr.No. Details of property Value (Rs.) Ownership 1. Diamond Power Infrastructure Limited, Village: Vadadala, Ta: Savli Dist Vadodara (Land & Building & Plant machinery) admeasuring 431649.94 Sq.M. 8,53,38,69,910 Diamond Power infrastructure 2 Wind Turbine Generator, JMD 260 Capacity-2.1 MW installed at Moje CharpodiNani, Tal- Abdasa, Dist-Kutch (owned by DPIL, Vadodara) 6,90,00,000 Diamond Power Infrastructure 3 Wind Turbine Generator, JMD 260 Capacity-2.1 MW installed at Moje Charpodi Nani Tal-Abdasa, Dist.-Kutch (owned by DPIL, Vadodara) 6,90,00,000 Diamond Power Infrastructure 4 Wind Turbine Generator, JMD 260 Capacity-2.1 MW installed at Moje Charpodi Nani Tal-Abdasa, Dist.-Kutch (owned by DPIL, Vadodara) 6,90,00,000 Diamond Power Infrastructure 5 M/s Diamond Projects Limited, Moje, Haripura Survey No.144 & 146, Teh: Savli, District : Vadodara Land admeasuring 32500 Sq. M. building, plant and machinery 8,86,90,000 Diamond Power Infrastructure 6 Diamond Power Transformers Limited, Plot no. 101/B/7 GIDC Estate Road no.2, Ranoli, Vadodara (Land admeasuring 2300 Sq. M. Building and plant machinery) 3,02,75,000 Diamond Power Transformers Limited 7 Bungalow no.6/B Green Park Society, Nizampura, Vadodara (Land admeasuring 649.21 Sq. M. & Building) 3,73,54,450 Suresh Bhatnagar 8 Commercial office plot no. M. building, plant and machinery 8,86,90,000 Diamond Power Infrastructure 6 Diamond Power Transformers Limited, Plot no. 101/B/7 GIDC Estate Road no.2, Ranoli, Vadodara (Land admeasuring 2300 Sq. M. Building and plant machinery) 3,02,75,000 Diamond Power Transformers Limited 7 Bungalow no.6/B Green Park Society, Nizampura, Vadodara (Land admeasuring 649.21 Sq. M. & Building) 3,73,54,450 Suresh Bhatnagar 8 Commercial office plot no. 5/9 & 5/10 BIDC, Gorwa, Vadodara (Land admeasuring 1212 Sq m and building) 6,90,66,000 1) Madhurilata S.Bhatnagar 2) S.N. Bhatnagar HUF 3) Richa Bhatnagar 4) Mona Bhatnagar 9 Residential Bungalow, R.S 217/P, Opp.Greenwood, New Alkapuri, Vadodara (Rear Side-East side Direction) (Land admeasruing 1866.51 S.M. & Building) 11,85,24,750 Amit Bhatnagar/Mona Bhatnagar 10 The Address Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara, Tower B Flat No. 801 & 802 {Rs. 21850000 x 2} 4,37,00,000 Amit Bhatnagar 11 R.S no. 4/Part, Sheet no. 12, City survey no. 500. Janki Apartment, 2nd Floor, Flat no. 102, Opp. Yogi Amrut & Reliance Fresh Near C.H. Jewellers & HDFC bank, Alkapuri, Vadodara 42,30,000 Amit Bhatnagar 12. R.S 217/P, Opp. Greenwood, New Alkapuri, Vadodara (Front Side-west side Direction) Land admeasruing 1793.17 Sq.M. & Building 11,37,16,000 Sumit Bhatnagar/Richa Bhatnagar 13 The Address Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara R.S. No.609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara Tower B Flat No. 701 & 702 {Rs. 21850000 x 2} 4,37,00,000 Amit Bhatnagar 14 R. S no. 4/Part, Sheet no. 12, City survey no. 500. Janki Apartment, 2nd Floor, Flat no. 103, Opp. Yogi Amrut & Reliance Fresh Near C.H. Jewellers & HDFC bank, Alkapuri, Vadodara 42,30,000 Amit Bhatnagar 15 Millennium, opp. Navrachna University, Vasna Bhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower A1, 3 BHK – 1560 Sq. Ft. per unit Flat {Rs.33,75,000/- x 11 Units} No.101, 102, 202, 302, 402, 502, 602, 702, 802, 1002 & 1102 3,71,25,000 Northway spaces ltd(earlier Mayfair Spaces Ltd.) 16 Millennium, opp. Navrachna University, Vasna Bhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower A2, 2 BHK – 1080 Sq. Ft. Ft. per unit Flat {Rs.33,75,000/- x 11 Units} No.101, 102, 202, 302, 402, 502, 602, 702, 802, 1002 & 1102 3,71,25,000 Northway spaces ltd(earlier Mayfair Spaces Ltd.) 16 Millennium, opp. Navrachna University, Vasna Bhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower A2, 2 BHK – 1080 Sq. Ft. per unit Flat No. 102, 201, 202, 203, 204, 301, 303, 401, 402, 403, 404, 501, 502, 503, 601, 602, 603, 604, 701, 703, 801, 802, 803, 804, 902, 903, 904, 1001, 1002, 1003, 1004, 1101, 1102, 1103, 1104 {Rs. 25,00,000/- x 35 Units} 8,75,00,000 Northway spaces ltd(earlier Mayfair Spaces Ltd.) 17. Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower A3, 3 BHK – 1530 Sq. Ft. per unit Flat No.101 & 102, {Rs.33,75,000/- x 2 } 67,50,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 18 Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower C1, 2 BHK – 1080 Sq. Ft. per unit Flat No.101, 102, 104, 201, 202, 301,603, 803, 902, 904, 1001, 1002, 1101, 1102, . {Rs.25,00,000/- x 14 } 3,50,00,000 Northway spaces ltd(earlier Mayfair Spaces Ltd.) 19 Millennium, opp. Navrachna University, Vasna Bhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower C2, 3 BHK – 1630 Sq. Ft. per unit Flat No.202, {Rs.33,75,000/- x 1 } 33,75,000 Northway spaces Ltd (earlier Mayfair Spaces Ltd.) 20 Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower C2, 3000 Sq. Ft per unit. Flat No. 601, 701, 801, 901 & 1001 (1 Unit) 902 & 1002 (1 unit) {Rs. 7150000/- x 5 Units} 3,57,50,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 21 Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower C3- 3000 Sq. Ft per unit. Flat No. 601, 701, 801, 901 & 1001 (1 Unit) {Rs. 71,50,000/- x 1} 71,50,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 22. Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower C3- 3000 Sq. Ft per unit. Flat No. 601, 701, 801, 901 & 1001 (1 Unit) {Rs. 71,50,000/- x 1} 71,50,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 22. Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower B1- 1500 Sq. Ft 3 BHK per unit. Flat No. 201, 202, 601, 701, 801, 901, 1001, 1101 & 1102 {3375000 x 9} 3,03,75,000 Northway spaces Ltd(earlier Mayfair Spaces Ltd.) 23. Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower B2, – 1080 Sq. Ft. 2 BHK per unit. 101, 102, 103, 104, 201, 202, 203, 301, 302, 303, 401, 403, 501, 503, 502, 601, 603, 602, 701, 703, 702, 704, 803, 802, 901, 902, 903, 1001, 1003, 1002, 1004, 1101, 1103, 1102, 1104 {Rs. 25,00,000/- x 35 } 8,75,00,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 24 Millennium, opp. Navrachna University, VasnaBhayli Road, Vadodara R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara, Tower B3- 1500 Sq. Ft 3 BHK per unit. 101, 201, 301, 401, 501, 601, 701, 801, 901, 1001, 1101, 1102, {3375000 x 12} 4,05,00,000 Northway spaces ltd(earlie r Mayfair Spaces Ltd.) 25. The Address. Priyalaxmi Mill Compound Ahead of Arunoday Cross Roads, Alkapuri, Vadodara R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara, Tower A - 5500 Sq. Ft. -4 bhk per unit Flat NO. 101, 102, 301, 701, 801, {Rs. 15250000 x 5} 7,62,50,000 Northway spaces Ltd(earlier Mayfair Spaces Ltd.) 26 The Address. Priyalaxmi Mill Compound Ahead of Arunoday Croos Roads, Alkapuri, Vadodara R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara, Tower B - 4600 Sq. Ft. -3 BHK per unit Flat No. 101, 102, 201, 202, 301, 302, 402, 401, 502, 501, 602, 601, {Rs. 21850000 x 12} 26,22,00,000 Northway Spaces Ltd. (earlier Mayfair Spaces Ltd.) 27 Mayfair Sunrise, Ahead of Narayan Vadi, Atladara, Dist. Vadodara R s No.92, Of village Atladara, Ta; & Dist. Vadodara, Tower A – 1000 sq. ft per unit Flat No. 901, 902, 903 & 904{Rs.2400000 x 4} 96,00,000 Northway Spaces Ltd. (earlier Mayfair Spaces Ltd.) 28 Land and Commercial building, Khata No. 874, R.S. No. 619, Mouje Atladara, Dist. Vadodara R s No.92, Of village Atladara, Ta; & Dist. Vadodara, Tower A – 1000 sq. ft per unit Flat No. 901, 902, 903 & 904{Rs.2400000 x 4} 96,00,000 Northway Spaces Ltd. (earlier Mayfair Spaces Ltd.) 28 Land and Commercial building, Khata No. 874, R.S. No. 619, Mouje Atladara, Dist. Vadodara (Land admeasuring 5722 Sq M) 78,74,29,920 Mayfair Spaces Ltd.) 29 Land at Vill Karodiya Dist. Baroda, Khata No. 408, Block/R S No. 64/2 paiki 1, & 64/2 paiki 2 (Land admeasuring 20437 Sq. M) 30,65,55,000 Northway Spaces Ltd. (earlier Mayfair Spaces Ltd.) 30 Residential land at Block S No. 83, Village Kalali, District Vadodara (admeasuring 7487 Sq. M) 11,97,92,000 Northway Spaces Ltd. (earlier Mayfair Spaces Ltd.) Total 11,22,72,08, 030 10. The Court has heard Mr.Popat, learned advocate for the applicant, Mr.R.C. Kodekar, learned Special Public Prosecutor for the CBI and Ms.Jirga Jhaveri, learned Additional Public Prosecutor for the respondent-State. 11. Emphasis is on the case of Sanjay Chandra vs. Central Bureau of Investigation, (2012) 1 SCC 40 , where the Court has held thus: “23.Apart from the question of prevention being the object of a refusal of bail, one must not lose sight of the fact that any imprisonment before conviction has a substantial punitive content and it would be improper for any Court to refuse bail as a mark of disapproval of former conduct whether the accused has been convicted for it or not or to refuse bail to an un-convicted person for the purpose of giving him a taste of imprisonment as a lesson.” 12 The case is based on documentary evidence. The investigation is continuing for 5 years. The interim bail had been granted to the present applicant from June, 2019. This Court had allowed the interim bail by the following reasons: “21. This Court is conscious of the fact that essentially and predominantly the case is based on documentary evidences. The further investigation of the C.B.I. which is on going is also mainly relying on the documentary evidences and concerned witness is being questioned on the strength of such documents. There is no likely hood of tampering with the documentary evidences which have been seized and which are in the custody of various Banks. The further investigation of the C.B.I. which is on going is also mainly relying on the documentary evidences and concerned witness is being questioned on the strength of such documents. There is no likely hood of tampering with the documentary evidences which have been seized and which are in the custody of various Banks. The Court is also conscious of the well laid down principle of 'bail and not jail' where more particularly there are rival claims of loss being not on account of any fraud committed with the Bank, but because of the various factors affecting the market so also the aspect that the chargesheet has been filed long ago and there is no likely hood of the trial getting over with such bulky volume of evidence and numbers of witnesses in a near future. The matters which are investigated by C.B.I. since involving serious question, the trial is likely to take a longer time. However, in this set of facts and circumstances, it is deemed appropriate and equitable to enlarge the applicant on interim bail rather than granting regular bail, at this stage, and allow the investigating agency to complete its task. It will also give an opportunity to the Court to monitor the pace of investigation and the conduct of the accused during the course of further investigation. This will uphold the right of individual liberty and yet will not stultify in any manner the right of investigating agency to further investigate.” 13. It is to be noted that nowhere there is a complaint of any tampering nor of any other issues of misrepresentation or winning over of the witnesses nor the applicant is also alleged of making any attempt at any point of time to evade the summons issued by the officer. All conditions imposed by the Courts have been abided by all through out. Noticing the developments of the Resolution Professional having taken over and subsequently the third party also having been permitted with the permission of the consortium of the banks and the investigation still being continued and which is likely to continue for a further period of 8 to 12 months further, the Court is inclined to grant the regular bail. 14. Noticing the developments of the Resolution Professional having taken over and subsequently the third party also having been permitted with the permission of the consortium of the banks and the investigation still being continued and which is likely to continue for a further period of 8 to 12 months further, the Court is inclined to grant the regular bail. 14. For the foregoing reasons, this application is partly allowed and the applicant is ordered to be released on regular bail from the date of his release in connection with RC No.RC0292018A0006 dated 26.03.2018 registered with CBI/ACB, Gandhinagar and furnishing of Rs.50 Lakh (Fifty lakhs) with two sureties the said amount of Rs.50 Lakh each to the satisfaction of the Court concerned and subject to the conditions that he shall: (a) not take undue advantage of liberty or misuse liberty; (b) not act in a manner injurious to the interest of the prosecution nor shall the applicant attempt to contact any witness or hamper the cause of justice; (c) surrender passport, if any, to the lower court within a week; (d) not leave India without prior permission of the Sessions Judge concerned; (e) mark presence before the concerned police station at Gandhinagar, (Gujarat) on the 5th of every English Calendar month between 11.00 a.m. and 2.00 p.m.; (g) furnish the present address of residence to the Investigating Officer and also to the Court at the time of execution of the bond and shall not change the residence without prior permission of this Court; (f) whenever, the CBI calls for investigation, the applicant shall present himself before it; 15. The Authorities will release the applicant only if not required in connection with any other offence for the time being. 16. If breach of any of the above conditions is committed, the Investigating Officer shall immediately bring the same to the notice of the Court and even the CBI Court concerned will be free to issue warrant or take appropriate action in the matter, including of cancellation of bail. 17. At the time of trial, the trial court shall not be influenced by the observations of preliminary nature, qua the evidence at this stage, made by this Court while enlarging the applicant on bail. 18. Rule is made absolute to the aforesaid extent. Direct service is permitted.