The bail has been sought by him on the ground that he needs to decide the legal recourse against the Rs 10 crore penalty levied by CGST and Central Excise commissioner, Vadodara.
Diamond Power Infrastructure Limited’s (DPIL) promoter Amit Bhatnagar, who is behind bars in connection with a Rs 2,654 crore bank fraud case, has moved the Gujarat High Court seeking a temporary bail for four weeks.
The bail has been sought by him on the ground that he needs to decide the legal recourse against the Rs 10 crore penalty levied by CGST and Central Excise commissioner, Vadodara. The penalty was levied by the tax authorities a few weeks ago and Amit Bhatnagar needs to decide his response to the penalty order.
He can decide to pay the penalty or challenge the same before the appropriate legal forum. He has submitted in his petition that he requires bail for the purpose of taking an informed legal decision against the order of the tax authorities.
The petition filed by the DPIL promoter, through his lawyer Amit Nair, was posted for hearing before the single judge vacation bench of Justice RP Dholaria on Tuesday. However, Justice Dholaria recused himself from hearing the matter. Now, the high court registry is likely to place the matter before another vacation bench of Justice Sangeeta Vishen for deciding Amit’s plea.
Case Against The Bhatnagars
The Central Bureau of Investigation had registered a criminal case in March 2018 against the Bhatnagar brothers—Amit and Sumit—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 2,654.40 crore as on June 29, 2016.
The Central Bureau of Investigation (CBI) 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 (RBI) defaulters’ list and the Export Credit Guarantee Corporation of India (ECGC) caution list at the time of the initial sanction of credit limits by the consortium.
Legal Recourse
The bail has been sought by him on the ground that he needs to decide the legal recourse against the Rs 10 crore penalty levied by CGST and Central Excise commissioner, Vadodara. The penalty was levied by the tax authorities a few weeks ago
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