India, March 1 -- The Bombay High Court has quashed a Rs.4,063.31 crore loan default FIR filed by the Central Bureau of Investigation (CBI) against GTL Infrastructure Ltd (GTL), observing that the agency failed to identify any accused before registering the case.

A division bench of Chief Justice Shree Chandrashekhar and Justice Gautam Akhand observed that registering an FIR against "unknown bank officials and unknown directors indicates the fluid state of affairs."

The court said that the purpose of an investigation cannot be to ascertain the identity of unknown accused persons after filing an FIR. "The continuance of criminal proceedings against GTL Infra cannot be permitted on the ground that the Investigating Officer may some day fi...