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Satinder Singh Bhasin vs. Government of NCT of Delhi & Ors.
Before Supreme Court of India
Criminal Original Jurisdiction Writ Petition (Crl.) No. 242 Of 2019.
Date of Order: 2nd April,2026
The Utilization of Company Funds by a Director for personal purposes (deposit for bail) is in violation of Section 185 of the Companies Act, 2013.
FACTS
Insolvency proceedings were invoked against M/s BIIPL under the Insolvency and Bankruptcy Code, 2016 and Mr. MG was appointed as the IRP. Thereafter, the IRP contended that Mr. SB, director of M/s BIIPL, acted in violation of the law as he had not handed over the affairs of M/s BIIPL. Further, Mr. SB had siphoned and mismanaged funds of the Company and for which FIRs were registered.
Thereafter, against the FIRs, Mr. SB had filed Writ Petition under Article 32 before Supreme Court, where the Court granted interim bail on the condition that he shall deposit Rs.50 crore before the Registry of the Court as a precondition for grant of bail. Mr. SB deposited Rs.50 crore. However, upon investigation, it was discovered that the source of funds was the fund
