Bombay High Court Quashes CBI FIR Against GTL Infrastructure Over Loan Allegations

The Bombay High Court quashed a CBI FIR against GTL Infrastructure Limited related to alleged financial irregularities in loans exceeding Rs 11,000 crore. The court noted the investigation lacked evidence of criminal offense or identified accused individuals, criticizing the FIR's basis on 'unknown persons.' GTLIL argued forensic audits and statutory reviews found no fraud, and the company highlighted repayments exceeding borrowings. The CBI had alleged diversion of funds through vendors, but the court ruled the criminal process cannot proceed without concrete material.