The Delhi High Court has stayed trial proceedings against a real estate developer and its four directors accused of cheating an investment firm here.

"Till the next date of hearing (March 11), the trial court proceedings shall remain stayed," Justice Manmohan Singh said.

The court interim order was passed on petitions filed by Aditya Infradevelopers Pvt Ltd and its directors — Virendra Bhatia, his son Sahil Bhatia.

Lalit Modi, director of Laiba IT Infrastructure Pvt Ltd and Kaliber Associates Pvt Ltd, and three other individuals have approached the court, after they were named in a charge sheet by police under various sections of the IPC including criminal breach of trust, cheating, fraudulent execution of deed of transfer containing false statement of consideration and under criminal conspiracy.

According to police, in March 2012, Birendra Kumar Pasari, director of Dilwara Leasing and Investment Ltd, had lodged a complaint here, on which an FIR was lodged in November 2012 under the various section of the IPC, including cheating and criminal conspiracy.

Later in January, police had filed the charge sheet against the two companies and six individuals in the case.

Pasari alleged that the out of three floor, Bhatias had only delivered possession of one property at Jasola here.

"However, the accused is not executing the sale deed and failed to hand over the possession of the other two, even when out of the total amount of Rs 15.90 crore a sum of Rs 13.14 crore has already been paid to the company and the cheque for the balance amount of Rs 2.76 crore which was supposed to be paid at the time of possession, has already been handed over to one of its broker," senior advocate K T S Tulsi, appearing for Pasari, contended in the court.