CBI had registered a criminal case in March 2018 against the Bhatnagar brothers and their father Suresh for fraudulently availing credit facilities from a consortium of 11 banks since 2008
The Gujarat High Court on Monday directed the investigation officer probing the Rs 2,654 crore bank fraud case involving Bhatnagar brothers —Amit and Sumit, of Diamond Power Infrastructure Limited (DPIL) — to remain present before the court on Tuesday.
The court's direction came in response to the bail pleas filed by the duo in which final hearing is going on.
According to senior advocate Yatin Oza, who appeared for the Bhatnagar brothers, the court wants some more information from the Central Bureau of Investigation (CBI) which is the probe agency in the case.
"Since the investigation officer was not present during the hearing on Monday and the court had certain queries, the officer has been asked to remain present before the court during the hearing scheduled on Tuesday," Oza told DNA.
While CBI has vehemently opposed the bail plea of the duo in the court, the petitioners advocate sought bail on the ground that charge sheet had been already filed in the case. The senior advocate contended before the court that the various properties of the accused have been already put up before the National Company Law Tribunal (NCLT). He said NCLT has already appointed a resolution professional to deal with the properties, to sell them, and use the funds for repayment to the banks.
Oza also submitted that it is a case of documentary evidence and there is no likelihood for the accused to abscond. He argued that bail is the rule and jail is an exception.
Meanwhile, counsel for CBI RC Kodekar told DNA that the court is conducting the final hearing in the matter and a further hearing on the bail pleas will be held on Tuesday.
Notably, the Bhatnagar brothers had moved the high court after their bail plea was rejected by a special CBI court in May.
CBI had registered a criminal case in March 2018 against the Bhatnagar brothers and their father Suresh, all promoters of DPIL, for fraudulently availing credit facilities from a consortium of 11 banks since 2008, leaving behind an outstanding debt of Rs 2654.40 crore as on June 29, 2016.
The probe agency had further alleged that the company and its directors managed to get loans and credit facilities despite the fact that they were already featuring in the Reserve Bank of India's defaulters' list and ECGC caution list at the time of initial sanction of credit limits by the consortium.
CASE HISTORY
CBI had registered a criminal case in March 2018 against the Bhatnagar brothers and their father Suresh for fraudulently availing credit facilities from a consortium of 11 banks since 2008
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