1. The two aforesaid Petitions have been filed under Section 482 of
Criminal Procedure Code, 1973 seeking stay of proceedings in CC Nos.
48771/2016 and 47692/2016 under Section 138 N.I. Act wherein the
Petitioner has been arraigned as Accused No. 1, in the light of pending
adjudication of FIR no. 1233/2016 dated 10.08.2016, P.S. Noida and FIR
no. 665/2016 dated 07.12.2016 P.S. Vikas Puri, pending investigation with
EOW.
2. Briefly stated, sometime in 2011, Complainant/Suninder Sandha,
claiming himself to be having expertise in the field of marketing in Real
Estate Projects and Jeevesh Sabharwal jointly agreed to work on a Project
named IRIDIA being built in Noida and developed by M/s Horizon
Buildcon Private Limited (“HBPL”). For this purpose, a SPV called Horizon
Concept Private Limited was floated wherein 25 percent of the shares were
held by Complainant/Suninder Sandha and the remaining shares were held
by HBPL.
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