Loan default case: Bail applications of IDBI, Kingfisher Airline employees adjourned till 7 February

Mumbai: Mumbai's Special CBI court has adjourned bail applications of IDBI and Kingfisher Airline employees till 7 February.

The Central Bureau of Investigation (CBI) on January 24 filed a chargesheet against the beleaguered businessman Vijay, Director of defunct Kingfisher Airlines, A Raghunathan, who was the Chief Financial Officer of the Airlines.

The CBI had also chargesheeted former chief of IDBI bank Yogesh Aggarwal and eight others including ex-Deputy Managing Director B K Batra, O V Bundellu, S K V Srinivasan and R S Sridhar from the bank.

The IDBI officials were arrested on January 23 and chargesheeted the following day in the Rs 900 crore IDBI bank loan default case.The chargesheet alleged the loan was allegedly sanctioned in violation of norms regarding credit limits.

CBI has held IDBI officials for taking a stand violating the credit norms. "It was first exposure to the bank. There was no need for the bank to take the exposure outside the consortium when already other loans were getting stressed," a senior CBI official, probing the matter, had told PTI earlier.

The four former executives of Kingfisher Airlines against whom the CBI has filed the chargesheet include A Raghunathan, former CFO of Kingfisher Airlines, three more former executives Shailesh Borke, A C Shah and Amit Nadkarni.

The accused who were sent to judicial custody till February 7 and had moved a bail plea.