The Delhi High Court on Wednesday stayed till November 9 the arrest of Alchemist ARC promoter Alok Dhir and another executive, Sasi Methadil, in a case related to an alleged loan scam.

Former SBI chairman Pratip Chaudhuri is a co-accused in the case. He was arrested on November 1 by Rajasthan Police from his residence in Delhi.

It is alleged that properties of Jaisalmer-based Hotel Gaudavan Pvt. Ltd. (HGPL) worth about Rs 200 crore, seized by SBI for loan default, were sold by the bank to AARC for about Rs 25 crore. The then executives of SBI, it is alleged, had helped AARC acquire these properties.

Dhir was granted transit bail till November 9, which permits him to apply for an anticipatory bail in a lower court in Rajasthan.

Senior advocate Abhishek Manu Singhvi and advocates Vijay Aggarwal, Saket Sikri appeared on behalf of Dhir.

Seeking transit bail, Dhir’s lawyers argued that allegations against Dhir are misconceived as SBI had only transferred its debt under the provisions of SARFAESI Act relating to the borrower company (wherein the complainant was the director and also the personal guarantor) to Alchemist ARC and has not sold the properties of the borrower company.

Dhir submitted that a second first information report (FIR), registered at the behest of the complainant, was quashed by the Supreme Court in October 2017.

It was further contended that HGPL had taken financial assistance from SBI and failed to repay its interest dues.

It was also argued that the…

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