Justice A K Pathak issued notice to Gagan Dhawan, who was granted bail on January 4 by a special court.
The ED challenged the January 4 decision of the trial court claiming that Dhawan was the "key person" in the case who "diverted the proceeds of crime".
The agency also contended before the high court that its probe would be hampered as long as the businessman was out as the proceeds of crime are yet to be traced.
The ED had alleged before the trial court that Dhawan had facilitated the directors of Gujarat-based pharma firm Sterling Biotech Ltd. (SBL) in the purchase of several properties and helped in misuse and diversion of credit facilities of several banks totalling Rs 5,000 crore.
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The firm and Dhawan were also being probed by the ED for allegedly bribing senior income tax department officials in an earlier criminal complaint.
The CBI had recently booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director of Andhra Bank Anup Garg and some unidentified persons in connection with the alleged bank fraud case.
It had alleged that the company had taken loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had turned into non-performing assets.
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