Bail Granted To Pratip Chaudhuri, The Former Chairman Of SBI.

The hotel’s promoter, Harendra Singh Rathore, claimed a conflict of interest against Chaudhuri.

An FIR was filed, and all of Alchemist ARC’s directors were named as defendants. A Jaisalmer court granted former State Bank of India Chairman Pratip Chaudhuri bail on Tuesday. After being held in judicial custody for nine days. Chaudhuri was placed in judicial custody for 14 days beginning November 1. After a complaint was filed by a defaulter who lost property during the resolution process.

Additional District also Sessions Judge Dalpat Singh Rajpurohit granted bail.

However, on October 31, Chaudhuri was arrested in Delhi for the hotel’s loan case as mentioned above in Jaisalmer. In 2015, a case was filed against Chaudhuri for seizing the hotel property in a loan settlement case and allegedly selling it for a pittance. According to the police, Chaudhuri became a director on the company’s board that bought the hotel.

SBI funded the Hotel Gaudavan hotel project in 2007. However, the project appropriated three years to complete, and one of the promoters died in April 2010. Therefore, in June 2010, the account was gradually transferred to the non-performing asset (NPA) category.

SBI had even invoked the SARFESI Act following the Debt Recovery Tribunal (DRT) against the borrower as part of the recovery measure in July 2013.

Chaudhuri retired from the bank two months later, in September 2013, and immediately assumed the directorship of Delhi-based Alchemist ARC. SBI, by coincidence, sold the loan to the same ARC in March 2014.

The hotel’s promoter, Harendra Singh Rathore, claimed a conflict of interest against Chaudhuri. An FIR was filed, and all of Alchemist ARC’s directors were named as defendants. However, SBI did not form a party to the case. A Rajasthan court eventually issued an arrest warrant for all Alchemist directors, including Chaudhuri and CEO Dhir.

SBI has backed the former Chairman, stating that “there were no irregularities in the said case and designated rules and processes were followed by the bank in dealing with this account.”