India, March 10 -- The Bombay High Court on Friday granted bail to Ajay Kerkar, director of travel company Cox & Kings Ltd (CKL), in connection with an alleged loan default case of Rs.20 crore. The court observed that the matter primarily involved a civil dispute rather than a serious criminal offence and questioned the due diligence exercised by the complainant before lending the money.

The case stems from a complaint filed by Yazdeen Jummy Mistry, head of corporate finance at M/s Kurlon Enterprises, on November 23, 2021. According to the complaint, Kurlon Enterprises had extended an inter-corporate loan of Rs.20 crore to CKL in two tranches of Rs.10 crore each between March and August 2019. However, CKL allegedly defaulted on repayment...