Nagpur: The Nagpur bench of the Bombay High Court has quashed an FIR filed in connection with a multi-crore business dispute after both parties reached a settlement of ₹8,54,69,661. While closing the case, the court also imposed a fine of ₹5 lakh each on both sides for wasting police and judicial time.
According to the prosecution, the dispute arose between Jagdish Kumar Jaiswal of Jaiswal Neco Industries Limited (JNIL) and Bengaluru-based businessman Kumar Lakhotia along with his family. The FIR, filed under Sections 3(5), 316(2), and 318(4) of the Bharatiya Nyay Sanhita, stemmed from disagreements over a business agreement.
As per the complaint, in 2012, an MoU was signed under which JNIL, International Commerce Limited (ICL), and a third party, Sanjay Kumar Agarwal, agreed to invest ₹14 crore each to participate in a tender from Bhilai Steel Plant. JNIL invested over ₹16.84 crore, but disputes later arose between ICL and Bhilai Steel Plant, which eventually escalated to court proceedings.
Gold Rate
27 Sept 2025
Subsequently, the Lakhotia family petitioned the High Court to quash the FIR. On July 22, 2025, both parties jointly filed an application stating that they had executed a Deed of Settlement, under which the settlement amount had been paid and encashed.
The court noted that while the matter was ultimately resolved amicably, significant time and resources of the police and legal system were consumed during the investigation and hearings. Hence, as a corrective measure, the court directed:
- The Lakhotia family to deposit ₹5 lakh with Panchavati Old Age Home, Umred Road, Nagpur.
- Jagdish Kumar Jaiswal to deposit ₹5 lakh with Shraddhanand Peth Orphanage, Nagpur.
With these directions, the FIR was formally quashed.
