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Former SBI chairman Pratip Chaudhuri granted bail – Times of India

MUMBAI/JAISALMER: The extra district choose (ADJ) in Jaisalmer on Tuesday granted bail to former SBI chairman Pratip Chaudhuri, who was despatched to 14-day judicial custody by a chief judicial Justice of the Peace (CJM) from the town on November 1.
Meanwhile, the Rajasthan excessive courtroom additionally stayed the CJM’s order to arrest administrators and workers of Alchemist Asset Reconstruction Company, the place Chaudhuri was a director. The ADJ granted Chaudhuri bail on a private surety of Rs 1 lakh and a deposit of Rs 50,000. He has been requested to be current within the courtroom on November 15. After launch, Chaudhuri was acquired by his members of the family.
The HC had handed the keep order in two petitions filed by the administrators and by workers of Alchemist ARC. During the listening to, the advocate for the petitioner identified {that a} comparable FIR was filed by the complainant earlier however the identical was quashed by the Supreme Court.
Chaudhuri was arrested by the Jaisalmer police on November 1 based mostly on a criticism filed by the promoters of Godawan Group which had taken a mortgage in 2007 for his or her Garh Rajwada hospitality challenge. SBI had subsequently categorised the account as a non-performing asset and the mortgage was offered to Alchemist ARC a couple of months after Chaudhuri retired. Chaudhuri subsequently joined Alchemist as a director. The asset was lastly offered below an insolvency course of regardless of makes an attempt by the debtor to stall the method in numerous courts.
“We had filed a petition in the HC under Section 482 of the criminal procedure code to quash the FIR as well the order dated 12.2 20 taking cognisance of the complaint. The HC has stayed the order and subsequent orders. Also, both the ADJ and the Jodhpur bench of the Rajasthan HC have said that these are civil proceedings,” stated Alok Dhir, director at Alchemist ARC.
“It is unfortunate that a chronic defaulter who has not paid a penny for 13 years after taking a loan could get somebody of the stature of Chaudhuri arrested. It is a sad commentary on the legal system that recovery proceedings by a lender have been given the colour of criminality,” stated Dhir. “The allegation is that the security was undervalued by SBI. In this case, what was sold was not the property but the loan. The recovery was done under the IBC process and the property was sold to the highest bidder approved by the NCLT,” he added.Complainant’s advocate Kanwarraj Singh Rathore stated the case of bail petition of the accused was transferred to ADJ courtroom from classes courtroom on Monday. “Although we protested on granting him bail, ADJ court justice Dalpat Singh Choudhary, while looking at his age, accepted the bail petition,” Rathore stated.
According to Dhir, the complainant has been partaking in ‘forum shopping’ all through. After an unique FIR was closed in 2015, they filed a subsequent FIR which was quashed by the Supreme Court. Around the identical time, they filed a protest petition towards the closure of the unique FIR. It was in response to this petition that the arrest order was issued”.
Chaudhuri’s arrest drew sharp reactions from prime bankers throughout the nation who described the arrest as unlucky. SBI chairman Dinesh Khara expressed confidence that Chaudhuri can be launched unconditionally.

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