Allahabad High Court Quashes Criminal, ED Proceedings Initiated Against Indiabulls & Its Officials

The Allahabad High Court, on Friday, quashed the criminal proceedings initiated by the borrower, Shipra Group, and the Enforcement Directorate against the Indiabulls Group and its officials as arbitral proceedings pursuant to the loan agreements are already underway, a fact which was suppressed by the informant. Observing that the informant had hidden the various proceedings instituted by him in different forms, including arbitral proceedings, the bench of Justice Ashwani Kumar Mishra and Justice Ashutosh Srivastava held that “Suppression of material facts by the borrower while invoking criminal proceedings against the lender assumes greater significance in the facts of the present case as repeated attempts made by it to injunct the lender i.e. It otherwise remains undisputed that the loan transaction contains an arbitration clause which is already invoked and issues raised in criminal proceedings are pending adjudication before the arbitrator appointed by the Delhi High Court.” The Court observed that determining issues pressed by the informant in criminal proceedings would amount to overreaching the arbitral proceedings where same issues were pending. Vires Of Section 420 IPC Challenged Before Allahabad High Court High Court Shouldn't Have Stayed Investigation & Granted Blanket Protection From Arrest : Supreme Court Sets Aside Relief To Indiabulls Officers Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court https://www.livelaw.in/high-court/allahabad-high-court/allahabad-high-court-interim-protection-indiabulls-housing-officers-shipra-group-fir-split-verdict-resolved-234783 In A Rare Tiebreaker, Allahabad High Court Grants Interim Protection To Indiabulls Officers In FIRs By Shipra Group-